NEW YORK, August 9, 2010 - New York Life Insurance Company announced today that Executive Vice President John Y. Kim, 49, will add the post of Chief Investment Officer to his other duties at the end of 2010. Vice Chairman and Chief Investment Officer Gary Wendlandt elected to retire at year-end after nearly 40 years in the industry. Mr. Kim is currently president and CEO of New York Life Investments, the wholly-owned investment management subsidiary of New York Life, and will continue in that role when the CIO position is added to his responsibilities.
Ted Mathas, chairman and CEO of New York Life, said, "All of us at New York Life are grateful for Gary's many contributions since he joined us in 1999. Among Gary's noteworthy accomplishments is the creation in 2000 of our wholly owned subsidiary, New York Life Investment Management LLC, where he continues to serve as chairman of the $260 billion firm. Gary will also be remembered as the wise hand who guided our investment portfolio with unparalleled foresight and skill through the 'Great Recession,' one reason that New York Life has retained its triple-A ratings throughout the crisis. Since 2007, Gary has been a valued member of the company's Board of Directors where his keen intellect, sage advice, and uncommon devotion to this Company, our policyholders, our agents and employees will most certainly be missed." Mr. Wendlandt will be leaving the Board upon his retirement from the company.
Mr. Mathas continued, "We are fortunate to have another accomplished senior executive to assume the position of Chief Investment Officer upon Gary's retirement at year-end. The Board and I have asked John Kim, who has worked closely with Gary and me for the last two and a half years, to add the CIO's duties to his current responsibilities. Since he arrived at New York Life, John has been a member of the Executive Management Committee, where he has made many important contributions. At New York Life Investments John has been a strong and insightful leader who has not only guided the enterprise through one of the most challenging economic periods in history, but has managed to grow the business significantly and increase its reputation as a trusted and reliable brand. With John's broad and deep experience and judgment we know he will continue making important contributions in the position of Chief Investment Officer."
Mr. Kim will continue reporting to Mr. Mathas upon Mr. Wendlandt's retirement. Mr. Kim joined New York Life in 2008 after an impressive 25-year record as a highly successful business executive with deep knowledge of investment management and strong operational skills running numerous businesses. Prior to joining New York Life he had been president of Prudential Retirement, where he led its defined benefit, defined contribution and guaranteed products businesses, and before that he was president of CIGNA Retirement and Investment Services. He also spent 17 years with Aetna Life & Casualty, where he rose to the position of CEO and Chief Investment Officer of Aeltus Investment Management as well as CIO of Aetna Life Insurance and Annuity Company.
Mr. Kim is a graduate of the University of Michigan and holds an MBA degree from the University of Connecticut.
Prior to joining New York Life in 1999, Mr. Wendlandt was executive vice president and chief investment officer of MassMutual, which he joined as an actuarial student in 1972.
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 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 institutional and retail mutual funds.
Please visit New York Life's Web site at www.newyorklife.com for more information.
*New York Life is the largest mutual life insurance company based on the Fortune 500, ranked within industries, Insurance: Life, Health (Mutual), Fortune magazine, May 3, 2010.
**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.
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