New York Life’s Chief Investment Officer Promoted to Vice Chairman of the Board
Veteran Executive Manages Diversified, High Quality $141 Billion Investment Portfolio, a Key Reason New York Life has Highest Possible Financial Strength Ratings from All Four Major Credit Rating Agencies
NEW YORK, N.Y., NOVEMBER 16, 2007 – Sy Sternberg, Chairman and Chief Executive Officer of New York Life Insurance Company, announced today that Gary Wendlandt has been elected a director of New York Life with the title of Vice Chairman of the Board. He was formerly Senior Executive Vice President – Finance and Investments, and Chief Investment Officer. Mr. Wendlandt’s election brings the current number of New York Life board members to 13.
“The entire Board is looking forward to having the benefit of Gary’s enormous financial experience in our deliberations as directors,” said Mr. Sternberg. “Gary’s track record with New York Life has been superb, built around the establishment of New York Life Investment Management LLC, now a $250 billion enterprise. As Chief Investment Officer Gary has continued a tradition of good judgment and stewardship of our investment portfolio to assure that it remains of superior diversification and quality. Indeed, the strength of our $141 billion portfolio is one key reason why New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. In the current environment of extreme volatility in the financial markets, it is especially reassuring to have Gary’s experience and stewardship of New York Life’s investment portfolio.”
Mr. Wendlandt will continue to serve in the areas of Finance and Investments and as New York Life’s Chief Investment Officer and a member of the Office of the Chief Operating Officer, reporting to President and Chief Operating Officer Ted Mathas.
Mr. Wendlandt joined New York Life Insurance Company in 1999 and served as chairman and CEO of New York Life Investment Management LLC (NYLIM) when it was formed in 2000. He was elected senior executive vice president for Finance and Investments, and Chief Investment Officer of New York Life Insurance Company in 2006 while also remaining chairman of NYLIM. He also serves on New York Life’s Executive Management Committee, which is comprised of New York Life's senior executive leadership and directs the policies and procedures for the company.
Prior to joining New York Life, he served as executive vice president and chief investment officer of Massachusetts Mutual Life Insurance Company, which he joined as an actuarial student in 1972. After achieving positions of increasing responsibility in investment management and financial operations, Mr. Wendlandt was elected executive vice president in June 1992, and a year later was named chief investment officer, which included responsibility for all of MassMutual's asset management operations.
Mr. Wendlandt earned a B.S. degree in applied mathematics and computer science from Washington University in St. Louis, Missouri. He is a Fellow of the Society of Actuaries (FSA) and a Member of the American Academy of Actuaries.
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 from all four of the major credit rating agencies. 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 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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