Veteran Executive Also Set to Become Chief Investment Officer of New York Life on January 1, 2011
NEW YORK, December 13, 2010 – New York Life Insurance Company announced today that effective January 1, 2011, Executive Vice President John Y. Kim will add the title of Chairman of New York Life Investments, the role currently filled by Gary Wendlandt, who is retiring at the end of the month after nearly 40 years in the industry. Mr. Kim is currently President and CEO of New York Life Investments and will carry the title of Chairman and CEO of Investments going forward. The president's title will not be used.
New York Life Investments, with more than $275 billion in assets under management, is a wholly-owned subsidiary of New York Life Insurance Company, the largest mutual life insurance company in the United States and one of the largest insurers in the world.
As previously announced, Mr. Kim will also become Chief Investment Officer of New York Life Insurance Company on January 1, 2011, a role also currently filled by Mr. Wendlandt. Mr. Kim also is a member of the Executive Management Committee, which is comprised of New York Life's senior executive leadership and assists the CEO in setting policy for the company. Mr. Kim reports to Ted Mathas, chairman and CEO of New York Life Insurance Company.
Chairman and CEO Mathas said, "John's broad and deep experience and judgment helped guide New York Life Investments through one of the most challenging economic periods in history. As he guided Investments through the turmoil in the markets John managed to grow the business significantly while maintaining our long-time commitment to humanity, integrity and financial strength. With his strong stewardship of our investment operations I know we can look forward to many more important contributions from John and his teams in the years ahead."
Mr. Kim joined New York Life in 2008 after a 25-year record as a 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.
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 Fortune500 , 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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|John Kim To Add Chairman Position At New York Life Investments|