Prudential Financial Inc. has promoted Stephen Pelletier to president of Prudential Annuities to succeed David R. Odenath, who has been hired by Legg Mason Inc. as head of the Americas.
Mr. Pelletier had been the chairman and chief executive officer of the Newark, N.J., company's international investments business.
The unit he now leads develops variable and fixed annuities and distributes them through independent financial planners, banks, wire houses, and regional firms, as well as Prudential's own channel.
Christopher Cooper, who had been the head of wealth management for Prudential's international investments business, is that unit's new chairman and CEO.
Mr. Pelletier joined Prudential in 1992 and Mr. Cooper joined in 1988. Prudential, which announced their promotions Tuesday, had $638 billion of assets under management at midyear.
At Legg Mason, of Baltimore, Mr. Odenath runs all aspects of mutual fund and retail managed account businesses.
He also oversees Legg Mason Capital Management, Royce & Associates, and ClearBridge Advisors, as well as corporate marketing and communications, the Baltimore company said Tuesday.
He reports to Mark R. Fetting, Legg Mason's president and CEO. The firm had $923 billion of assets under management as of June 30.
At Prudential, Mr. Odenath was a member of the parent company's operating committee and sat on the Prudential Securities board.