Prudential Financial Inc. (PRU), said Thursday that it is further integrating its Real Estate and Relocation businesses to streamline operations and realize cost and productivity efficiencies.
The Newark, New Jersey-based company, under the integration, will create centralized support functions, to better address the needs of both relocation and real estate clients, across Information Technology.
The business development strategies and functions will be restructured to gain efficiency and greater focus on market opportunities.
The company's Washington, D.C. relocation service operations will be consolidated into its Phoenix office. This consolidation is expected to be finalized during the first half of 2009, and will allow the company to leverage operational processes and resources provided at Phoenix.
The company has appointed Prudential veteran Earl Lee to the newly established role of president of Prudential Real Estate and Relocation Services, reporting to Chief Executive Officer John Van Der Wall.
Most recently, Lee served as the president of Prudential Relocation since 2007, and is credited with more than 30 years of real estate experience, He formerly served as president of Prudential Real Estate Affiliates, a position he had held since 2000.
Earlier in the month, Prudential provided earnings outlook for fiscal 2008 and 2009, below analysts' estimates. The company expects earnings of $3.35 to $3.55 per share for 2008, while analysts are looking for earnings of $4.20 per share. The company's estimated earnings for 2009 of $5.25 to $5.65 per share for 2009, is below Street expectations of $6.06 per share.
PRU closed Thursday's regular trading session at $27.28, down $1.01 or 3.57%.
by RTT Staff Writer
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