John Fleurant Elected Executive Vice President and Chief Financial Officer For New York Life Effective July 1, 2013; The Culmination of a Long-Planned Succession
Chief Financial Officer Michael Sproule to Retire in June Following 14 Years of Distinguished Service
NEW YORK, March 18, 2013—New York Life announced today the culmination of a long-planned succession in the key executive position of chief financial officer. John Fleurant has been elected executive vice president and chief financial officer, effective July 1, 2013. Executive Vice President and Chief Financial Officer Michael Sproule, 65, will retire as scheduled on June 30, 2013, at which time Mr. Fleurant, 50, will begin serving as the company's chief financial officer.
As CFO, Mr. Fleurant will report to New York Life Chairman and CEO Ted Mathas.
Mr. Fleurant currently serves as Deputy CFO, a position he has occupied since October 2012 when the role was added to his other positions as senior vice president for finance and controller. As CFO, Mr. Fleurant will be responsible for the following departments: Controller's, Tax, Treasury, the Office of Risk Management and Chief Actuary, and Corporate Development, which includes planning, mergers and acquisitions, and rating agency relationships. He also has been named a member of New York Life's Executive Management Committee, which comprises the company's senior executive leadership and assists the CEO in setting policy for the company.
Chairman and CEO Mathas said, "Over the past two and a half years, the Board and I have been impressed with the outstanding job John Fleurant has done leading the Controller’s, Tax and Treasury departments, as well as overseeing the company’s financial planning, accounting policy, and rating agency relationships. John has the right combination of experience, skill and insight for the complex role of CFO. For many months, Mike Sproule has worked closely with John and other key members of our finance leadership team to ensure a smooth transition of the CFO’s responsibilities."
Regarding Mike Sproule's distinguished tenure at New York Life, Mr. Mathas commented, "We have been fortunate to have the benefit of Mike’s experience and insight throughout his tenure, which began when he joined us to lead our mergers and acquisitions team in 1999. But Mike’s value to the company has never been clearer than in the years since the onset of the financial crisis in 2008. We entered the crisis stronger than virtually all our competitors, due in large part to Mike’s diligent and consistent focus on maintaining the strength of our balance sheet and protecting the integrity of our financial reporting. And today, thanks to his leadership, we are in an even stronger position not only to withstand future challenges but also to capitalize on the opportunities that the environment presents to us."
Mr. Mathas also credited Mr. Sproule for his strong leadership in the area of industry solvency and reserving, including counseling regulators and policymakers on the importance of maintaining strong capital requirements. Mr. Sproule is a member of the Federal Advisory Committee on Insurance formed by the Federal Insurance Office, where he participates in key efforts around international regulatory balance.
Mr. Fleurant brought many years of financial management and senior leadership experience to New York Life when he arrived in 2010. Immediately prior to joining the company, Mr. Fleurant served as controller at Prudential Financial. After joining Prudential in 1995, he held positions of increasing responsibility, including chief financial officer for domestic businesses. Before that, he was a senior manager for Deloitte & Touche, where he spent nine years.
Mr. Fleurant holds a Bachelor’s degree in Accounting from Widener University and is a certified public accountant. He resides in Martinsville, New Jersey, with his wife, Margie, and their three children.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life's website at www.newyorklife.com for more information.
*Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, May 21, 2012. See http://www.money.cnn.com/magazines/fortune/fortune500/2012/faq/ for methodology.
**Source: Third Party Ratings Reports as of 2/1/13.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.