Andrew French
About Andrew French
Andrew R. French is Secretary of PGIM High Yield Bond Fund, Inc. (NYSE: ISD), born in 1962, and has served as a fund officer since inception—ISD and GHY since 2011—with prior roles as Vice President and Corporate Counsel at Prudential and Director & Corporate Counsel at Prudential . His responsibilities include serving as agent for service and signing shareholder reports and proxies, indicating a legal/administrative focus rather than portfolio or performance oversight . ISD does not disclose officer pay-for-performance metrics (e.g., TSR, revenue/EBITDA-linked incentives) and states officers do not receive compensation from PGIM Investments-managed funds, with officer compensation paid by the Manager, PGIM Investments LLC .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PGIM Investments LLC | Vice President and Assistant Secretary | Since Jan 2007 | Legal and governance support across PGIM retail/annuity funds |
| Prudential | Vice President & Corporate Counsel | 2010–2018 | Corporate legal counsel; supported fund/manager governance |
| Prudential | Director & Corporate Counsel | 2006–2010 | Corporate legal counsel; compliance and SEC reporting support |
External Roles
No external board or committee roles disclosed for Andrew R. French in ISD filings.
Fixed Compensation
ISD’s proxies and reports indicate officer compensation is paid by the Manager (PGIM Investments LLC); officers do not receive compensation from PGIM Investments-managed funds.
| Component | Amount/Structure | Source |
|---|---|---|
| Fund-paid officer compensation | $0; officers do not receive compensation from PGIM Investments-managed funds | |
| Manager-paid compensation (PGIM Investments LLC) | Not disclosed by ISD; paid by Manager per Management Agreement |
Performance Compensation
No officer incentive metrics or performance-based compensation (RSUs/PSUs/options) are disclosed for ISD officers.
| Incentive Type | Metric Linkage | Vesting | Notes |
|---|---|---|---|
| Cash bonus/short-term incentives | Not disclosed | Not disclosed | ISD does not report officer incentive plans or targets in proxies |
| Equity awards (RSU/PSU/options) | Not disclosed | Not disclosed | No officer equity award details disclosed in ISD filings |
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Officer beneficial ownership | Not disclosed for officers | |
| Director share ownership ranges | Reported by dollar bands; e.g., Reid “Over $100,000”; others vary | |
| Ownership guidelines | Independent Directors expected to maintain investments equal to one year of Board-related fees; 2-year compliance window for new directors | |
| Pledging/hedging | Not disclosed | |
| Section 16 compliance | Fund states all filing requirements met during latest fiscal years |
Insider activity signal: Andrew R. French frequently signs Form 4s as Power of Attorney for directors (e.g., Brian Reid sale of 16,833 ISD shares at $14.41 on 11/07/2025; French signed as POA)—these filings reflect the director’s trades, not French’s personal transactions . Earlier, Reid’s 2,700-share purchase at $12 on 12/22/2022 was also signed by French as POA .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Current role | Secretary of ISD | |
| Start in role | ISD and GHY: Since 2011 | |
| Contract term/expiration | Not disclosed | |
| Severance & CoC | Not disclosed | |
| Clawbacks, non-compete | Not disclosed | |
| Garden leave/consulting | Not disclosed |
Investment Implications
- Compensation alignment: As a legal/administrative officer, French’s compensation is paid by PGIM Investments and not linked to ISD’s performance metrics; ISD does not disclose officer incentive structures, implying limited pay-for-performance signaling at the fund-officer level .
- Retention risk: Long tenure since 2011 and cross-fund responsibilities (agent for service; signatory) suggest low immediate retention risk; no employment or severance terms disclosed to indicate heightened transition risk .
- Trading signals: Form 4 activity signed by French as POA reflects director trading (e.g., Reid), not French’s personal selling; monitor director transactions for potential sentiment on ISD rather than expecting signals from French’s own trades .
- Governance backdrop: ISD employs robust committee structure (Audit, Nominating/Governance, Dryden Investment, Compliance) with documented attendance and independence practices; however, these pertain to Directors, not officers like French .