Prudential Mortgage Capital Company announces leadership change

  Prudential Mortgage Capital Company announces leadership change

Business Wire

NEWARK, N.J. -- December 17, 2012

Prudential Mortgage Capital Company today announced that David Durning, has
been named successor to David Twardock, who intends to retire from his role as
president. Prudential Mortgage Capital Company, among the largest commercial
mortgage businesses in the United States, is a business of Prudential
Financial, Inc. (NYSE: PRU).

Twardock, president of Prudential Mortgage Capital Company since 1999, has
announced plans to retire in April 2013. Durning is currently senior managing
director and head of originations for the company, which had $72 billion in
assets under management and administration as of September 30, 2012. He has 24
years of experience at Prudential, having joined the company as an investment
analyst in 1988. Earlier, he was a lending officer at Chemical Bank and a
corporate finance associate at Shearson Lehman.

“A test of any business is its capacity to manage change and maintain its
competitive position over time. Dave Twardock has worked tirelessly to lead
the transformation of our mortgage business from a single line business
supporting Prudential’s general account to a full-service commercial mortgage
company offering a range of capital sources,” said David Hunt, CEO of
Prudential Investment Management. “While we will miss Dave, I am thrilled to
have the depth of talent that enables us grow and continue the level of
service our clients and partners expect. David Durning, who has demonstrated
great leadership in a variety of roles, is uniquely positioned to lead and
continue to grow the mortgage business, particularly as the business expands
internationally.”

In addition to his role at Prudential Mortgage Capital Company, Durning is a
member of the Prudential Investment Management Investment Committee and serves
on the executive board of the National Multifamily Housing Council. He is a
former vice chair of the Fannie Mae DUS™ Advisory Council and is a member of
the Urban Land Institute, and the Association for Investment Management and
Research.

Durning earned a bachelor’s degree from Middlebury College and an MBA from the
Harvard Graduate School of Business. His holds the Chartered Financial Analyst
designation.

Prudential Mortgage Capital Company is a national full-service, commercial and
multifamily mortgage finance business with $72.67 billion in assets under
management and administration as of September 30, 2012. Leveraging a 135-year
history of real estate finance, the company offers one of the most
comprehensive lines of real estate finance products and originates loans for
Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing
programs; FHA; Conduit; Prudential’s general account and proprietary balance
sheet program; and other institutional investors. The company maintains a loan
servicing portfolio of approximately $69.42 billion, as September 30, 2012.
For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with
approximately $1.005 trillion of assets under management as of September 30,
2012, has operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth through a
variety of products and services, including life insurance, annuities,
retirement-related services, mutual funds and investment management. In the
U.S., Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more information, please
visit http://www.news.prudential.com/

Contact:

Prudential Financial, Inc.
Theresa Miller, 973-802-7455
theresa.miller@prudential.com
 
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