Prudential Financial, Inc. has created a new position of president of its Prudential Investment Management division and has named Bernard Winograd to fill the role.

Winograd, who is currently CEO of Prudential Real Estate Investors (PREI), has also has been promoted to serve as chairman of PREI.

Winograd will continue to report to John Strangfeld, CEO of Prudential Securities and Prudential Investment Management. Because of the recent growth of Prudential Investment Management, Strangfeld needed someone to oversee the day-to-day operations for the unit and so the position of president was created, said Theresa Miller, a spokeswoman for the firm.

Winograd joined Prudential in 1996 to head up the PREI group. In addition to that role, he worked with Prudential Investment Management overseeing its private fixed-income and equity investments and commercial mortgage lending businesses.

"Since joining Prudential to lead PREI, Bernard has assumed responsibilities throughout PIM, demonstrating that the breadth of his talent, along with the depth of his knowledge and experience, make him highly suited for this leadership role," Strangfeld said.

Before joining Prudential, Winograd was executive VP and CFO of Taubman Centers Inc., a national regional shopping center company. He was previously treasurer of The Bendix Corp., and has served as executive assistant to W. Michael Blumenthal, both while he was CEO of Bendix as well as U.S. Treasury Secretary.

Meanwhile, Winograd's role as CEO of PREI will be filled by Charles Lowrey, who is currently PREI president. Lowrey will continue to report to Winograd. Lowrey joined Prudential from J.P. Morgan's Real Estate and Lodging Investment Banking group, where he served as a managing director and head of the Americas.

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