Prudential Financial Inc. will shift a few executive roles in March, the Newark-based financial institution unveiled in back-to-back announcements this week. 

Yanela Frias, president of Group Insurance, has been appointed executive vice president and chief financial officer, effective March 15, succeeding Ken Tanji. Mike Estep, head of product for Group Insurance, will then step into Frias’ position. Jess Gillespie will take on Estep’s current role. 

Frias, who will also join Prudential’s executive leadership team, will report to Vice Chair Robert Falzon. Prudential also said Tanji will remain with the company through Sept. 30 to ensure a smooth transition. 

In a Feb. 6 statement, Chairman and CEO Charles Lowrey commended Tanji – who took on the CFO role in 2018 – for his 35 years of “distinguished service and his many contributions and commitment to Prudential.” 

“Ken has played an important role in Prudential’s success, holding a variety of finance leadership positions over his tenure with the company and, most recently, in directing the company’s financial strategy,” Lowrey said. “Ken made meaningful contributions as our CFO, including leading de-risking and capital release transactions, delivering on expense objectives, and successfully steering the company through the financial challenges of the pandemic and ensuing market volatility.” 

Meet the new CFO 

Another longtime Prudential employee, Frias joined the firm in 1997, according to her LinkedIn profile, and has held senior leadership positions across finance, operations, and the company’s insurance and retirement businesses. 

Before her current role overseeing Group Insurance, which she began in 2021, Frias served as president of Prudential Retirement. She also led the Investment & Pension Solutions business within that division and before that served in various finance roles during her decades with the company. 

“Yanela’s extensive finance, operations and leadership experience will serve us well as we execute on our strategy to become a higher-growth, less market-sensitive and more nimble company, creating lasting value for our customers, our shareholders, and our employees,” Lowrey said. 

Frias earned a bachelor’s degree in accounting and an MBA in finance from Rutgers University. She is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. 

Falzon described Yanela as a “seasoned executive,” adding, “She has a deep understanding of both our business and the life insurance, annuities and retirement industry, and we look forward to the impact she is sure to have in her new role.” 

Meet the new Group Insurance leader 

Estep, who joined the company in 2022, has led all aspects of product strategy. In his new role as president of Group Insurance, he will report to Caroline Feeney, head of Prudential’s U.S. Businesses. 

“Mike’s leadership has been instrumental in developing a long-term vision for our product strategy and driving business growth,” Feeney said in a Feb. 7 statement. “His exceptional track record and client-first approach will ensure our continued progress in positioning Group Insurance as a leader in delivering comprehensive financial solutions to our clients.” 

Before joining Prudential, Estep worked for companies including Symetra, Guardian Life Insurance Co., AIG, Aviva and Allstate Financial, according to LinkedIn. He earned his bachelor’s degree in business administration and management from the University of Wisconsin, and an MBA from DePaul University. 

Gillespie, who has been with Prudential for more than 20 years, currently leads nationwide teams of client service, sales and product professionals. 

“We are fortunate to have a strong bench of leaders across our organization,” Feeney added. “Mike and Jess’s promotions are indicative of both the value of their contributions to our organization and the real progress we are making toward our vision of becoming a global leader in expanding access to investing, insurance, and retirement security.” 

Prudential Financial Inc., a global financial services leader and investment manager, reported approximately $1.4 trillion in assets under management as of Dec. 31, 2023. The company as operations in the U.S., Asia, Europe and Latin America.