...And Pru Securities Has A New Honcho
Prudential Insurance is installing a fresh face to engineer a turnaround of its brokerage unit. On May 1, Hardwick Simmons will become CEO of Prudential Securities, formerly Prudential-Bache. Simmons, 50, formerly headed Shearson Lehman Brothers' retail network of 10,500 brokers and is well respected in the industry. Pru Securities made money in the first quarter but faces investor lawsuits brought to recoup losses from limited partnership units sold by Pru-Bache brokers in the 1980s.