Stuart Parker
About Stuart Parker
Stuart S. Parker (year of birth: 1962) serves as an Interested Director and President of PGIM High Yield Bond Fund, Inc. (ISD); he has been President of the Fund since inception and joined the Board in January 2015 . He is President, Chief Executive Officer, and Officer in Charge of PGIM Investments LLC (since January 2012) and previously served as Chief Operating Officer of PGIM Investments from January 2012 to January 2024; prior roles include Executive Vice President of Jennison Associates LLC and Head of Retail Distribution at PGIM Investments (June 2005–December 2011) . The Board is chaired by an Independent Director, meets regularly, and each Director attended all Board meetings during the fiscal year ended July 31, 2024, supporting robust governance; Parker is classified as an “Interested Director” under the 1940 Act due to his affiliation with PGIM Investments . As of December 31, 2024, Parker’s dollar range of equity securities in ISD was $10,001–$50,000, with aggregate holdings in registered investment companies overseen in the Fund Complex above $100,000, indicating some direct alignment with fund shareholders .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PGIM Investments LLC | Chief Operating Officer | Jan 2012 – Jan 2024 | Operational leadership across PGIM Retail/Alternatives funds; oversight of distribution and fund administration . |
| Jennison Associates LLC / PGIM Investments LLC | EVP (Jennison); Head of Retail Distribution (PGIM Investments) | Jun 2005 – Dec 2011 | Scaled retail distribution capabilities; senior leadership within Prudential’s asset management businesses . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Investment Company Institute (ICI) | Board of Governors | Since May 2012 | Industry policy engagement; governance and standards for mutual funds/closed-end funds . |
Fixed Compensation
- Officers and Interested Directors of ISD are compensated by PGIM Investments (the Manager), not by the Fund; the Manager pays all compensation and expenses of officers and the fees/expenses of Interested Directors. ISD does not disclose base salary, bonuses, or equity grants for Parker in the Fund’s proxy .
Performance Compensation
- Not disclosed at the Fund level. The proxy does not present Parker’s incentive metrics (e.g., revenue, EBITDA, TSR, ESG goals), nor any vesting schedules or performance outcomes; officers are paid by the Manager, not the Fund .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| ISD equity ownership (dollar range) | $10,001–$50,000 | As of Dec 31, 2024 . |
| Aggregate equity across Fund Complex (dollar range) | Over $100,000 | Registered investment companies overseen . |
| Director classification | Interested Director | Affiliation with PGIM Investments (and/or affiliates) . |
| Portfolios overseen | 104 | As an Interested Board Member . |
| Shares pledged or hedged | Not disclosed | No pledging/hedging disclosure in proxy . |
Employment Terms
- Employment agreement details (start date for ISD President role beyond “since inception,” contract term/expiration, severance multiples, change-of-control triggers, accelerated vesting, non-compete/non-solicit, garden leave, consulting, clawbacks, tax gross-ups, deferred compensation, pension/SERP) are not disclosed in ISD’s DEF 14A; officers are employed and compensated by PGIM Investments, not the Fund .
Board Governance and Director Service
- Board chair and independence: The Board is chaired by an Independent Director (Keith F. Hartstein), with robust committee structure (Audit, Nominating & Governance, Dryden Investment, Compliance) comprised of Independent Directors; Parker does not appear on committee rosters, consistent with his Interested Director status .
- Committee chairs: Grace C. Torres (Audit), Kevin J. Bannon (Nominating & Governance), Barry H. Evans (Dryden Investment), Brian K. Reid (Compliance); ex-officio role by Independent Chair noted .
- Attendance: Each Director attended all meetings of the Board and respective committees during FY ended July 31, 2024; the Board met eight times that year .
- Director compensation: ISD pays Independent Directors; Interested Directors (including Parker) do not receive compensation from PGIM Investments–managed funds and are excluded from the compensation table .
Investment Implications
- Alignment and incentives: Parker’s ISD holdings ($10k–$50k) provide visible but modest “skin in the game”; fund-level executive pay details are not disclosed because officers are paid by the Manager (PGIM Investments), limiting pay-for-performance analysis at the Fund level .
- Governance mitigants: Independent Board Chair and fully independent committees, with strong attendance, mitigate dual-role concerns stemming from Parker’s position as both an Interested Director and President of the Fund; this structure supports independent oversight of the Manager and subadviser .
- Retention and change-of-control: Lack of Fund-level employment contract disclosure (severance, CIC) and absence of vesting schedules or clawbacks in the proxy reduce visibility into retention risk and potential change-of-control economics tied to Parker’s role; investors should look to PGIM/Prudential-level disclosures for such detail if needed .
- Trading signals: Beneficial ownership dollar ranges confirm some alignment, but no Fund-level Form 4 detail is presented in the proxy; without granular insider transaction data in the filing, monitoring EDGAR Form 4s and Prudential/PGIM disclosures remains necessary to assess selling pressure and option exercises (not available in this proxy) .