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12/17/2012

Prudential Mortgage Capital Company announces leadership change

Prudential Mortgage Capital Company announces leadership change

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/

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