NEW YORK, NY, April 16, 2007 – Frederick J. Sievert, 59, president of New York Life Insurance Company since 2002, plans to retire at the end of June 2007, the company said. The president’s position is the number two executive post in the company, reporting to Chairman and CEO Sy Sternberg, 63.
Mr. Sternberg said, "This news will be greeted with regret by all of our employees and agents who know Fred personally, or know of his contributions to our Company. Fred has had a tremendous impact on New York Life during his 15 years of distinguished service, thanks to his executive skills, energy and personality. He has been a great partner for me in the leadership of the Company, having served in critically important posts, including head of Life and Annuity, where he is known for his unwavering commitment to Agency and love of distribution. On Fred’s watch New York Life achieved our first number one ranking in life insurance market share, and with his leadership we have continued at number one nearly every year thereafter."
Mr. Sternberg continued, "In addition to his service as president, Fred has been an outstanding director of New York Life since his election to the Board in 1996, contributing valuable insights and wisdom at every turn. Throughout his New York Life career Fred’s portfolio was expanded time and again, not only because of his extraordinary capacity for work, but because his advice and counsel was so valued in so many areas. In recent years this meant more of Fred’s time was devoted to international assignments, including service as a board member for our operations in India, Thailand and Korea. As important as Fred is to the Company, he has earned a retirement that we all hope will be long and rewarding. In this next phase of his life we can be assured that Fred will continue to be successful and continue to have a positive impact on people’s lives."
Mr. Sievert said, "I am incredibly proud to have served New York Life these last 15 years. It is a remarkable company – a true icon in American business – and I’ve made lasting friendships with many agents and employees. My friends are well aware of my involvement in both my community and my church, and I’m looking forward to fulfilling a long-held dream to enter the Masters’ Degree Program at Yale Divinity School commencing this fall."
Mr. Sievert joined New York Life in 1992 as senior vice president and chief financial officer with responsibility for the Financial Management Department of Individual Operations. In 1994, he took over responsibility for the Individual Life, Individual Annuity and Disability Income Departments. In 1995, Mr. Sievert was promoted to executive vice president with the additional responsibility of overseeing Individual Policyholder Services. He was elected to the Board of Directors in November 1996, and became vice chairman in January 1997. In 1999, he was given oversight responsibility for the Special Markets Business Units and the Corporate Marketing Department. In 2002, Mr. Sievert was elected president of New York Life. He resides in Stamford, Connecticut, with his wife, Susan. They have five 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. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Please visit New York Life’s Web site at www.newyorklife.com for more information.
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