The home loan unit at Prudential Insurance Corp. of America has had yet another executive shake-up.
John Lotty has retired from as executive vice president in charge of the lender's extremely successful corporate institutional channel. Mr. Lotty remains affiliated with Prudential as a consultant.
Helen Garrity has replaced him. Ms. Garrity, who assumes the title of executive vice president, was Mr. Lotty's understudy in the business channel that includes corporate relocation, affinity lending, and the employee mortgage program.
The Clayton, Mo., lender has also hired Rebecca L. Walker as a senior vice president to focus on affinity lending and some West Coast operations.
Ms. Walker was the executive vice president responsible for FBS Mortgage Corp.'s residential services department. She spent four years as president of Residential Funding Corp., Prudential's loan unit, during the 1980s.
In 1993, Prudential originated $8 billion worth of loans from its "retail-oriented businesses." Most of that figure comes from corporate relocations and affinity lending.
By comparison, another major player in affinity lending and corporate relocation, Lincoln Service Mortgage, originated about $2 billion worth of loans from this line of business last year.
Phillip W. Bracken, managing director of Residential Services Corp. of America, said the executive changes come with a new focus at the division.
Mr. Bracken said Ms. Garrity will reach out to corporations beyond the Fortune 500 for relocation business.
And he said Prudential will also be more aggressive in tracking down additional affinity lending and alumni group contracts.
He expects the corporate institutional channel to expand 15% over the next year.
"We think Helen will bring a little renewed vigor to" the position, Mr. Bracken said.
This is Prudential's second wave of major executive changes to come to light in as many weeks.
Wayne perry and Patrick Sheehy, two rising stars at Prudential, were recently hired away by Bank of America and GMAC Mortgage Corp., respectively.
They received "terrific opportunities" from B of A and GMAC, according to a Prudential spokesman.
But the circumstances of Mr. Lotty's retirement are less clear. Reports have suggested that Mr, Lotty had decided to jump to PNC Mortgage but Prudential stopped the move by invoking a noncompete clause.
Mr. Bracken said it is Prudential's policy not to disclose the nature of its arrangements with employees. Mr. Lotty refused to comment.
It would seem Prudential-had no reason to be disappointed in Mr. Lotty's performance.
In the areas of affinity lending and corporate relocation, Prudential remains the dominant force.
It maintains lending relationships with 20 affinity concerns, including the American Medical Association and the National Education Association, and more than 250 corporations.
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