NEWARK, N.J.--(BUSINESS WIRE)--Nov 8, 2024--
Prudential Financial, Inc. (NYSE: PRU) announced the appointment of Jacques Chappuis as president and CEO of PGIM, its $1.4 trillion global investment management business, effective May 1, 2025.
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Chappuis will report to Andrew Sullivan, head of International Businesses and Global Investment Management for Prudential Financial, Inc. (Photo: Business Wire)
David Hunt will retire as president and CEO of PGIM and stay on as chairman through July 2025. (Photo: Business Wire)
Jacques Chappuis has been appointed president and CEO of PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc., effective May 1, 2025. (Photo: Business Wire)
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Chappuis will report to Andrew Sullivan, head of International Businesses and Global Investment Management for Prudential Financial, Inc. Chappuis succeeds David Hunt, who will retire as president and CEO and stay on as chairman of PGIM until July 31, 2025, remaining actively involved throughout the transition period.
“Under David’s leadership, PGIM has grown to become one of the premier global asset managers in the world, well known for its public and private markets investment expertise, with assets under management growing to $1.4 trillion from $619 billion since David joined the firm in 2011,” said Sullivan.
“David has overseen PGIM’s impressive expansion in the U.K., Europe and Japan, as well as the integration of new capabilities such as private equity secondaries and the expansion of expertise in existing asset classes, including private credit. His contributions and commitment to culture have also led to PGIM being recognized as a Best Place to Work in Money Management by Pensions & Investments for several years. We are grateful to David for his 13 years of service to PGIM. He leaves an indelible impression on PGIM’s legacy.”
LEADING PGIM’S NEXT CHAPTER OF GROWTH
With nearly 30 years of investment management experience, Chappuis joins PGIM from Morgan Stanley, where he was most recently co-head of Morgan Stanley Investment Management (MSIM). At MSIM, he played a key role in the transformative and successful integration of Eaton Vance.
“Jacques is well known for his deep commitment to clients, his leadership in acquisitions, and breadth of expertise across public and private market solutions. We know that he is the right person to lead PGIM’s next chapter of growth,” said Sullivan. “Over the last decade, PGIM has meaningfully expanded its third-party asset management business. Jacques’ expertise will allow us to identify opportunities to accelerate our continued growth through new markets, innovative products, and comprehensive solutions across a wide range of asset classes. I look forward to working with Jacques to lead one of the key growth engines of Prudential.”
“I’m proud to become PGIM’s next president and CEO, leading an incredible team through its next chapter of growth,” said Chappuis. “PGIM’s expertise and capabilities across public and private markets reinforces its commitment to meeting clients’ differentiated long-term investment needs, and I look forward to building upon the firm’s successes.”
ABOUT JACQUES CHAPPUIS
Jacques Chappuis was most recently the co-head of MSIM and a member of the Morgan Stanley Management Committee. From 2006 to 2013, he held senior leadership roles in Morgan Stanley’s Investment Management and Wealth Management businesses, including head of Morgan Stanley Alternative Investment Partners, before joining The Carlyle Group as head of Investment Solutions. Chappuis returned to Morgan Stanley in 2016, where he served as global head of Distribution and co-head of the Solutions and Multi-Asset Group for MSIM before his latest role.
Prior to his experience at Morgan Stanley, Chappuis was head of Alternative Investments for Citigroup’s Global Wealth Management Group. In earlier roles, he was a managing director at Citigroup Alternative Investments, the firm’s proprietary alternative investment unit; a consultant at the Boston Consulting Group; and an investment banker at Bankers Trust Company.
He received his B.A. in finance from Tulane University and an MBA from Columbia Business School. He is a member of the New York Board of Advisors of Teach For America and a board member of Centro para la Nueva Economia, a Puerto Rico-based think tank focused on policy matters related to the island’s economy.
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. ( NYSE: PRU ). In 42 offices across 19 countries and jurisdictions, our more than 1,400 investment professionals serve both retail and institutional clients around the world.
As a leading global asset manager with $1.4 trillion in assets under management,* PGIM is built on a foundation of strength, stability, and disciplined risk management. Our multi-affiliate model allows us to deliver specialized expertise across key asset classes with a focused investment approach. This gives our clients a diversified suite of investment strategies and solutions with global depth and scale across public and private asset classes, including fixed income, equities, real estate, private credit, and other alternatives. For more information visit pgim.com.
ABOUT PRUDENTIAL
Prudential Financial, Inc. ( NYSE: PRU ) (PFI), a global financial services leader and premier active global investment manager with approximately $1.6 trillion in assets under management as of Sept. 30, 2024, has operations in the United States, Asia, Europe, and Latin America. PFI’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. PFI’s iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information please visit news.prudential.com.
*As of Sept. 30, 2024.
FORWARD-LOOKING STATEMENTS
Certain of the statements included in this release, including those regarding PGIM’s potential growth, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this document.
Chappuis will report to Andrew Sullivan, head of International Businesses and Global Investment Management for Prudential Financial, Inc. (Photo: Business Wire)
David Hunt will retire as president and CEO of PGIM and stay on as chairman through July 2025. (Photo: Business Wire)
Jacques Chappuis has been appointed president and CEO of PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc., effective May 1, 2025. (Photo: Business Wire)
NEW YORK (AP) — No quick dispatching of disease investigators. No televised news conference to inform the public. No timely health alerts to doctors.
In the midst of a hantavirus outbreak that involves Americans and is making headlines around the world, the U.S. government's top public health agency, the Centers for Disease Control and Prevention, has been uncharacteristically missing in action, according to a number of experts.
To President Donald Trump, "We seem to have things under very good control," as he told reporters Friday evening.
To experts, the situation aboard a cruise ship has not spiraled because, unlike COVID-19 or measles or the flu, hantavirus does not spread easily. It has been health experts in other countries, not the United States, who have been dealing primarily with the outbreak in the past week.
“The CDC is not even a player," said Lawrence Gostin, an international public health expert at Georgetown University. “I've never seen that before.”
Not until late Friday did CDC actions accelerate.
Health officials confirmed the deployment of a team to Spain's Canary Islands, where the ship was expected to arrive early Sunday local time, to meet the Americans onboard. They said a second team will go to Offutt Air Force Base in Nebraska as part of a plan to evacuate American passengers from the ship to a quarantine center. Also, the CDC issued its first health alert to U.S. doctors, advising them of the possibility of imported cases.
The CDC's diminished role in this outbreak is an indicator the agency is no longer the force in international health or the protector of domestic health that it once was, some experts said.
The hantavirus outbreak is “a sentinel event” that speaks to “how well the country is prepared for a disease threat. And right now, I’m very sorry to say that we are not prepared,” said Dr. Jeanne Marrazzo, chief executive officer of the Infectious Diseases Society of America.
Early last month, a 70-year-old Dutch man developed a feverish illness on a cruise ship traveling from Argentina to Antarctica and some islands in the South Atlantic. He died less than a week later. More people became sick, including the man's wife and a German woman, who both died.
Hantavirus was first identified as a cause of sickness of one of the cases on May 2. The World Health Organization swung into action and by Monday was calling it an outbreak. About two dozen Americans were on the ship, including about seven who disembarked last month and 17 who remained on board.
For decades, the CDC partnered with the WHO in such situations. The CDC acted as a mainstay of any international investigation, providing staff and expertise to help unravel any outbreak mystery, develop ways to control it and communicate to the public what they should know and how they should worry.
Such actions were a large reason why the CDC developed a reputation as the world's premier public health agency.
But this time, the WHO has been center stage. It made the risk assessment that has told people the outbreak is not a pandemic threat.
“I don’t think this is a giant threat to the United States,” said Jennifer Nuzzo, director of Brown University’s Pandemic Center. But how this situation has played out “just shows how empty and vapid the CDC is right now,” she said.
The current situation comes after 16 tumultuous months during which the Trump administration withdrew from the WHO, has restricted CDC scientists from talking to international counterparts at times and embarked on a plan to build its own international public health network through one-on-one agreements with individual countries.
The administration has laid off thousands of CDC scientists and public health professionals, including members of the agency's ship sanitation program.
As this was playing out, Trump's health secretary, Robert F. Kennedy Jr., said he was working to “restore the CDC’s focus on infectious disease, invest in innovation, and rebuild trust through integrity and transparency.”
The CDC has not been completely silent on hantavirus.
The agency on Wednesday issued a short statement that said the risk to the American public is “extremely low,” and described the U.S. government as “the world’s leader in global health security.”
Said Nuzzo: “Not only was that not helpful, it actually does damage because a core principle of public health communications is humility.”
The CDC's acting director, Dr. Jay Bhattacharya, posted a message on social media that the agency was lending its expertise in coordinating with other federal agencies and international authorities. Arizona officials this week said they learned from the CDC that one of the Americans who left the ship — a person with no symptoms and not considered contagious — had already returned to the state. WHO officials said the CDC has been sharing technical information.
The CDC also is “monitoring the health status and preparing medical support for all of the American passengers on the cruise,” Bhattacharya wrote.
But federal health officials have mostly been tight-lipped, declining interview requests.
In interviews this week, some experts made a comparison with a 2020 incident involving the Diamond Princess, a cruise ship docked in Japan that became the setting of one of the first large COVID-19 outbreaks outside of China.
The CDC sent personnel to the port, helped evacuate American passengers, ran quarantines, shared genetic data on the virus, coordinated with the WHO and Japan, held public briefings and rapidly published reports “that became the world’s reference data on cruise ship COVID transmission,” said Dr. Tom Frieden, a former CDC director.
Some aspects of the international response to the Diamond Princess were criticized, and it did not halt the outbreak or stop COVID-19’s spread across the world. But some experts say it was not for the CDC's lack of trying.
“The CDC was right on top of it, very visible, very active in trying to manage and contain it,” Gostin said, while the agency's work now is delayed and subdued.
Instead of working with nearly all of the world's nations through the WHO, the Trump administration has pursued bilateral health agreements with individual nations for information sharing, public health support, and what it describes as “the introduction of innovative American technologies.” Roughly 30 agreements are currently in place.
That's not sufficient, Gostin said. “You can't possibly cover a global health crisis by doing one-on-one deals with countries here and there,” he said.
Associated Press writers Ali Swenson in New York, Darlene Superville in Washington and Susan Montoya Bryan in Albuquerque, New Mexico, contributed to this report.
The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.
Passengers on the the hantavirus-stricken cruise ship, MV Hondius, watch epidemiologists board the boat in Praia, during their voyage to Spain's port of Tenerife, May 6, 2026. (AP Photo)
Workers set up temporary shelters in the area where passengers from the MV Hondius cruise ship are expected to arrive at the port of Granadilla in Tenerife, Canary Islands, Spain, Saturday, May 9, 2026. (AP Photo/Manu Fernandez)
Crew members of the hantavirus-stricken cruise ship, MV Hondius, wait their turns for a first interview with epidemiologists, during the voyage to Spain's port of Tenerife, May 6, 2026. (AP Photo)
Health workers in protective gear evacuate patients from the MV Hondius cruise ship into an ambulance at a port in Praia, Cape Verde, Wednesday, May 6, 2026. (AP Photo/Misper Apawu)
A Spanish Civil Guard officer inspects the area where passengers from the MV Hondius cruise ship are expected to arrive at the port of Granadilla in Tenerife, Canary Islands, Spain, Saturday, May 9, 2026. (AP Photo/Manu Fernandez)