Prudential Investments named a new president. Stuart Parker succeeded Judy Rice in the position. Rice has  assumed the role of chairman of the company until her retirement at the end of 2012. Prudential Investments is the mutual fund and wealth management business of Prudential Financial Inc.

Parker joined Jennison Associates LLC in 2005. He has served dual roles as head of retail distribution for Jennison Associates, an asset management business of Prudential Financial, and head of mutual fund distribution for Prudential Investments. He has worked closely with Rice to build a robust third-party distribution platform. The changes were effective Jan. 1.

"Prudential Investments has become a formidable player in the mutual fund industry under Judy's leadership, and I'm confident that through Stuart's experience and leadership, we will continue to build on that success," says David Hunt, chief executive officer of Prudential Investment Management.