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Prudential Real Estate and Relocation Units Integrate for Economies of Scale, Appoints New President

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RISMEDIA, Dec. 15, 2008-Prudential Financial is further integrating its Real Estate and Relocation businesses to deliver better value to clients. Prudential veteran Earl Lee has been named to the newly established role of president of Prudential Real Estate and Relocation Services, reporting to Chief Executive Officer John Van Der Wall. Lee will oversee the company’s newly combined real estate and relocation operations.

“Aligning our business and operational functions is imperative as we move forward,” said Van Der Wall. “Our real estate franchisees value the close link to our relocation activities, and in the current market environment that link takes on increased importance. Similarly, our relocation clients rely on our real estate expertise. Bringing these core competencies even closer together will result in a major advantage for our customers.”

Van Der Wall said of Lee, “Earl’s a rare talent in this industry and his strategic leadership skills and track record of success will help our unified business compete effectively in a dynamic marketplace.”

The planned integration is underway with immediate changes to streamline operations and realize cost and productivity efficiencies including:

- The creation of centralized support functions, to better address the needs of both relocation and real estate clients, across Information Technology; Strategic Planning and Resources; Learning Excellence/Network Education; Marketing and Communications; and Public Relations in conjunction with Prudential’s Global Communications department; among other functions.

- The restructuring of business development strategies and functions to gain efficiency and greater focus on market opportunities.

- The consolidation of the company’s Washington, D.C. relocation service operations into its Phoenix office. This consolidation, expected to be finalized during the first half of 2009, will allow the company to leverage operational processes and resources provided at Phoenix. And, to help ensure the continued high level of quality service and accessibility for the company’s government clients, its government-related sales team and account executives will remain in the D.C. area.

“Combining our real estate and relocation businesses into one powerful, efficient company enables us to leverage our expertise and deliver even better service to our affiliates and our relocation clients,” said Lee. “As important, we are positioning Prudential Real Estate and Relocation Services favorably for the long term.”

Lee served most recently as the president of Prudential Relocation since 2007, and with more than 30 years of real estate experience, he formerly served as president of Prudential Real Estate Affiliates (PREA), a position he had held since 2000. In both roles, Lee was instrumental in enhancing brand awareness, as well as initiating programs and tools to help the businesses exceed their customers’ expectations. He is a current member of the Board of Directors of Worldwide ERC®, the international association for relocation professionals. He is a national director for the Asian American Real Estate Association and a past national director for both the National Association of REALTORS and the National Association of Hispanic Real Estate Professionals.

For more information, visit http://www.prudential.com/.

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