New York Life Appoints David J. Castellani to New Position of Business Information Officer; Patrick M. Murphy Takes Helm At Retirement Plan Services Unit
Castellani’s New Role is to Translate Business Goals into Enterprise Technology Solutions
NEW YORK, October 14, 2013 — New York Life, America’s largest mutual life insurance company, today announced the appointment of David J. Castellani as the company’s Business Information Officer, a new position. Mr. Castellani also has been elected a senior vice president of the company.
In his new role Mr. Castellani is responsible for translating New York Life’s business goals into clear enterprise technology solutions, for driving process improvements across company operations, and for establishing consistent governance over all information technology initiatives. He reports to Executive Vice President and Chief Administrative Officer Frank M. Boccio.
Mr. Boccio said, “We are fortunate to have an individual of Dave Castellani’s very considerable business experience and passion for technology to fill this new and important role. Among Dave’s areas of focus will be the oversight of large technology initiatives, the development of a comprehensive data strategy, and the continued evolution of Enterprise Technology’s service capabilities.”
Mr. Castellani was previously head of the New York Life Retirement Plan Services business in Westwood, MA, a leader in providing full-service defined benefit (DB), defined contribution (DC), integrated DB/DC, and Taft-Hartley services with a focus on service excellence. He joined New York Life in 2011 from EWM, LLC, a wealth management firm based in Zurich, Switzerland and New Canaan, CT, where he was a managing director and chief marketing officer. Before that he served a combined 25 years with Prudential Retirement and CIGNA Corporation. He was also personally involved in two technology firm start-ups.
Mr. Castellani received a Bachelor of Arts degree from the College of the Holy Cross, and completed the Entrepreneurial Leadership Program at the Harvard Business School.
Murphy to Lead Retirement Plan Services
Succeeding Mr. Castellani at Retirement Plan Services (RPS) is Patrick M. Murphy, a veteran of more than two decades in the retirement plan industry who has served as managing director and head of sales for RPS since 2011. Mr. Murphy joined RPS in 2004 as director, Northeast sales manager, responsible for the sales team in New England and New York.
“Pat Murphy is an outstanding choice to lead RPS, where he has played a key role in fueling our growth since joining nearly a decade ago. We are looking forward to many more contributions from Pat in his new role,” said Drew Lawton, senior managing director, New York Life’s Investments Group.
Prior to joining New York Life, Mr. Murphy was vice president, sales, for American Express Retirement Plan Services, a vice president in Putnam Investments’ Defined Contribution business, and a senior account representative with Diversified Investment Advisors. Mr. Murphy holds a Bachelor of Arts degree in Organizational Behavior/Management from Brown University.
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 20, 2013. See http://money.cnn.com/magazines/fortune/fortune500/2013/faq/?iid=F500_sp_method%20 for methodology.
**Individual independent rating agency commentary as of 8/1/13.
***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.
The Investments Group of New York Life includes: New York Life Investments, which ranks among the largest asset management firms in the United States****, managing assets through its multi-boutique structure; New York Life’s retail and group annuity businesses; and New York Life Retirement Plan Services, a highly-rated provider of bundled services to defined benefit and defined contribution plans. The Investments Group offers institutional and retail clients a broad range of guaranteed and traditional investment products and retirement solutions. Together with its affiliates and over 2,000 employees, the Investments Group of New York Life managed more than $388 billion in assets as of August 31, 2013.
****Source: New York Life Investments ranked 29th among the world’s largest money managers within Pensions & Investments, May 27, 2013. Rankings are based on total worldwide institutional assets under management for the year-end 2012. New York Life Investments assets include assets of affiliated investment advisors.
New York Life Retirement Plan Services offers bundled retirement plan solutions and defined contribution investment-only products throughout the United States. New York Life Retirement Plan Services, a division of New York Life Investments, administers more than $47 billion in bundled retirement plans as of August 31, 2013. New York Life Investments is a subsidiary of New York Life Insurance Company. With offices in Westwood, Massachusetts, Parsippany, New Jersey, and San Francisco, New York Life Retirement Plan Services is widely recognized for its leadership within the retirement plan industry.