PGIM announces Michael Lillard to retire in 2024; appoints John Vibert as future CEO of PGIM Fixed Income PGIMannouncesMichaelLillardtoretirein2024;appointsJohnVibertasfutureCEOofPGIMFixedIncome

“The contributions Mike has made — cultivating a rigorous investment process, fostering intellectual honesty, and inspiring a culture of debate — are enduring qualities which will help drive PGIM Fixed Income’s success for many years to come,” PGIM CEO David Hunt said.

Vibert joined the firm in 2014 as head of Securitized Products, a position he held until stepping into the newly created role of president in January 2022. In this role, he works closely with Lillard on the strategic direction and overall management of the firm, including oversight of global Operations, Technology, and Business Management functions. Vibert also oversees the global collateralized loan obligation business and will retain that responsibility upon his appointment to CEO.

“John takes the helm at a critical time for our clients and for the firm. His nearly three decades of experience investing in fixed income markets, combined with his commitment to realizing our cultural aspirations, gives me the utmost confidence in John’s ability to navigate the challenges of the current market environment,” said Hunt. “I’m thrilled to have the depth of management talent and strength of long-term succession planning that enables us to promote from within.”

Prior to joining PGIM Fixed Income, Vibert was a lead portfolio manager for BlackRock’s mortgage credit portfolios and the lead trader for its non-agency Residential Mortgage-Backed Securities (RMBS) trading team. He also held senior investment positions at Credit Suisse and Morgan Stanley.

“I’m humbled by the opportunity to lead PGIM Fixed Income and deliver upon our important mission of helping institutions and individuals solve their financial challenges. I firmly believe our capabilities, scale and stability have a vital role to play in helping clients navigate market conditions we haven’t seen in many years,” Vibert said.

Speaking to the leadership transition, Lillard added, “John is a proven investor, a great strategic thinker, and a natural leader. He has been a tremendous partner in guiding the strategic direction of the firm, and I am confident he is the right leader to continue to provide the investment performance and service that our clients know and expect.”

Craig Dewling and Gregory Peters, both managing directors, will remain co-chief investment officers and will report to Vibert when he assumes the role of CEO. Lillard will serve as an advisor to the firm for the period from January through April 2024.

ABOUT PGIM FIXED INCOME

PGIM Fixed Income, with $759 billion in assets under management as of Sept. 30, 2022, is a global asset manager offering active solutions across all fixed income markets. The company has offices in Newark, N.J., London, Amsterdam, Munich, Zurich, Tokyo, Hong Kong and Singapore. For more information, visit pgimfixedincome.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global investment manager with more than $1.2 trillion in assets under management as of Sept. 30, 2022. With offices in 18 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.