On the heels of the announcement that it had purchased part of Union Bank of California's retirement business, Prudential Financial has chosen new chief executive officer.

Pru's vice chairman of the investments division, John Strangfeld,53, will succeed chairman and CEO Arthur Ryan, who will retire as CEO at the end of 2007. Strangfeld will also become Chairman after Ryan retires from that position in May 2008.

“The Board’s decision to name John as the company’s new CEO and Chairman-elect represents the culmination of a thoughtful succession process that began nearly two years ago. He is an outstanding leader who has the qualities and skills necessary to ensure Prudential’s growth and success,” Ryan said in a release.

A successor for Strangfeld at the U.S. Investments division is yet to be determined, according to company spokesman, Bob DeFillippo. However, this and other management appointments are expected to be annouced as part of additional organizational changes in early January of next year, DeFillippo added.

Also elected to the board of directors is Mark Grier,55, currently vice chairman responsible for Prudential’s International businesses. He will assume the position as of January 1, 2008.  

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