Prudential’s CFO on her 27-year career at the firm and the ‘incredible significance’ of being its first female finance chief
Good morning. There isn’t an official roadmap to building one’s career. But Yanela Frias followed her passion for business, which has led to a 27-year career at Prudential Financial, Inc., founded in 1875, and her becoming the insurance giant's first female CFO.
Frias began her tenure as EVP and CFO of Prudential, a Fortune 100 company, in March, succeeding Ken Tanji. Stepping into this role has “incredible significance,” she told me. “From a role model perspective, for my two daughters, for all the women that I interact with, my goal is to show everyone that anything's possible,” Frias said. “There are no limits other than what you apply to yourself.”
A lot of the qualities that have shaped Frias as a person and leader began at an early age. She was born in Cuba and emigrated to the U.S. with her family at eight years old. “Coming to this country with my parents and seeing the risks they took for the betterment of our family has helped me embrace change, and welcome it, as opposed to seeing it as a negative,” Frias told me.
A keen interest in the business world led her to earn a bachelor’s degree in accounting and an MBA in finance from Rutgers University. When she was interviewing at Prudential in 1996, there were a lot of changes taking place at the company, like shifting its business mix. That included selling its health care business and reinsurance business and focusing on the areas where the firm would become market leaders, and preparing to go public, Frias explained.
She saw these changes as an opportunity. “I got the sense that this was a culture of really smart people collaborating to get things done,” she said.
Frias joined Prudential with C-suite goals. As a 25-year-old working in a large organization, she felt the need to be intentional and proactive in her career. “After two to three years in a role, I was ready to do something different,” she said. “I've always owned my career and looked for different opportunities.”
Frias spent nearly 20 years in a variety of finance roles, including assistant treasurer for Prudential Financial, CFO for Individual Life Insurance, and CFO for Individual Annuities. She then led the Investment & Pension Solutions business within Prudential Retirement, served as president of Prudential Retirement, and was appointed president of Group Insurance in 2021. Over the years, she gained experience central to the CFO role, like running a P&L and having a “deep understanding of how we make money and how we can be profitable while still meeting the needs of our customers,” Frias said.
Performing under pressure and ‘work-life harmony’
A pivotal challenge in her career was during the financial crisis that began in 2008. She was the assistant treasurer responsible for capital markets and corporate finance. “I found myself leading a team that was the heartbeat of everything that was going on in the organization,” she recalled. And the pressure was on, given the collapse of firms like Lehman Brothers and Bear Stearns.
The focus was on making the right decisions to ensure Prudential remained financially resilient to meet its promises to customers, Frias said. It was a significant learning experience. Working hard and then faring well, “I think honestly gave me incredible confidence,” she said. In addition, she was interacting with very senior leaders and the board of directors. “I think that just catapulted my career,” she added.
Another defining career experience was being a working mom. “Work-life balance is something you are searching for on a daily basis,” Frias said. “But work-life harmony over time meant that when you were needed at home, you made the time. And there were times when you were at work late, balancing multiple projects.” As a mom, Frias became a better leader at work, she told me. “Being a parent teaches you patience,” she said.
I asked Frias her thoughts about many young professionals thinking they need to “job hop” to different companies for career advancement. She said a person can also advance within a large organization. “The reality is that you can have a very long career and have an extreme diversity of experiences as I have had,” Frias said.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
This story was originally featured on Fortune.com