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Prudential Announces Replacement for Retiring President

""Prudential Mortgage Capital Company"":http://www3.prudential.com/businesscenter/realestate/pmcc/home/welcome.shtml announced David Durning will replace the outgoing David Twardock as company president in 2013.

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Durning is currently senior managing director and head of originations for the company. He joined Prudential in 1988 as an investment analyst and has stayed with the company ever since. Prior to that, he was a lending officer at Chemical Bank and a corporate finance associate at Shearson Lehman.

Durning is also a member of the Prudential Investment Management Investment Committee, and he serves on the executive board of the National Multifamily Housing Council. In addition, he is a member of the Urban Land Institute and the Association for Investment Management and Research and a former vice chair of the Fannie Mae DUS Advisory Council.

Durning will take his place after Twardock's retirement, which is planned for April 2013.

""A test of any business is its capacity to manage change and maintain its competitive position over time. Dave Twardock has worked tirelessly to lead the transformation of our mortgage business from a single line business supporting Prudential's general account to a full-service commercial mortgage company offering a range of capital sources,"" said David Hunt, CEO of ""Prudential Investment Management"":http://www.investmentmanagement.prudential.com/view/page/pimusa/187.

""While we will miss Dave, I am thrilled to have the depth of talent that enables us grow and continue the level of service our clients and partners expect. David Durning, who has demonstrated great leadership in a variety of roles, is uniquely positioned to lead and continue to grow the mortgage business, particularly as the business expands internationally,"" Hunt added.

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