chairman and ceo Arthur Ryan is making some radical changes to the way the insurer is organized, a spokesperson with Pru told the MutualFundWirel.com. The company is slimming down from four divisions to three.
Those divisions will be Insurance, Investments, and International Insurance and Investments. John Strangfeld, currently executive vice president in charge of Prudential Securities and Prudential Investment Management, will head the Investments Division.
Retail mutual funds will be covered by the Investment Division. The spokesperson reported that changes should be transparent to the firm's clients.
"There is no downsizing associated with this reorganization," the spokepserson added. "However, we are looking at ways to cut business costs. Our chairman wants to cut $300 million in costs for fiscal 2003-4."
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