Since 2014, Stephen Pelletier has served as executive vice president and chief operating officer of Prudential’s U.S.-based businesses, comprising PGIM (the Global Investment Businesses of Prudential Financial), Prudential Retirement, Prudential Annuities, Individual Life Insurance and Group Insurance, which together had more than $1.4 trillion in assets under management as of June 30, 2019.
During Pelletier’s tenure, Prudential cemented its position as a leader in pension risk transfer, with more than $100 billion in completed transactions, as well as one of the top providers of workplace retirement and individual retirement income solutions. Also under his guidance, PGIM has grown to be one of the top 10 largest global asset managers.
The driving force behind putting customers at the structural center of the company’s U.S. Businesses, Pelletier created and executed a go-to-market strategy to capitalize on the mix of capabilities and unique relationships across Prudential’s businesses that enable the company to address the financial wellness needs of individuals and institutions. He also advocated for and led enhancement of the company’s digital capabilities to reach customers when, where and how they want. Today, Prudential is a leading provider of financial wellness solutions across investments, retirement income and protection.
As an executive board member of The Prudential Foundation from 2014-2016, Pelletier helped reimagine the company’s strategy for community engagement. Under his guidance, Prudential aligned its philanthropic initiatives with its business strategy to increase its overall impact. This model earned Prudential a spot on the Fortune Change the World list in both 2018 and 2019—for the lasting social impact of its pension risk transfer and real estate investment businesses, respectively.
Before being appointed as head of the U.S. Businesses, Pelletier served as CEO of Prudential Group Insurance, which provides a variety of employee benefits solutions, including group life insurance, disability and group nonqualified benefits. In this role, he established a culture of accountability and high performance that resulted in the business doubling its earnings.
Prior to that, Pelletier was president of Prudential Annuities, helping the business navigate through the financial crisis of 2008 and seize opportunities to meet consumers’ renewed need for guaranteed income. He secured approval from the company’s Board of Directors to execute a bold strategy that drove dramatic growth, spurring Prudential Annuities from a loss position to generating more than 25% of Prudential’s earnings.
Pelletier also conceived of, built and grew Prudential’s international asset management business, now PGIM Global Partners. Pelletier joined the company in 1992 as a senior vice president in Prudential Securities, first in Corporate Consulting and then as regional director of the firm’s Asian Pacific operations.
Pelletier received a bachelor’s degree from Northwestern University and a master’s degree from Yale University. He serves on the board of directors of the American Council of Life Insurers, the National Organization on Disability and the board of trustees of the Perkins School for the Blind.