NEW YORK, September 16, 2004 — New York Life Insurance Company announced today that Joseph Gilmour, 48, executive vice president and chief financial officer of New York Life International, the company's overseas arm with operations in nine markets, will succeed Gary G. Benanav, 58, as chief executive of New York Life International effective March 1, 2005. At that time Mr. Gilmour will become president and CEO of International, and Mr. Benanav will remain chairman until March 1, 2006.
Sy Sternberg, chairman and CEO of New York Life, said, "Last year we were fortunate to attract Joe Gilmour, a seasoned international executive, to serve as CFO of our International operations. Gary Benanav and I are confident that Joe will continue to build the momentum for our business outside the United States as president and CEO of International. As for Gary, he has been a major force in establishing New York Life International as one of the leading brands in Asia and Latin America. I'm pleased that Gary will remain chairman of International for a time to assist with the transition."
Mr. Benanav said, "Joe is an outstanding international life insurance executive with broad experience in finance and operations. He came to us with a superb track record in life insurance across many of the same emerging markets where we operate. Joe has distinguished himself over the past year at New York Life International with his considerable management expertise and industry acumen. Over the next few months Joe and I will work closely together to assure that the CEO baton is passed smoothly."
Mr. Gilmour joined New York Life International in August 2003 as executive vice president and chief financial officer. He was previously with Canada Life, where he worked for the majority of his 25-year career. In his last five years with Canada Life, Mr. Gilmour served as senior vice president of the International and Reinsurance Division. In that role he was responsible for the management and development of Canada Life's international holdings and reinsurance operations. Mr. Gilmour's career with Canada Life also included senior roles in group life insurance and pension, strategic planning, mergers and acquisitions, and product development.
Mr. Gilmour is a fellow of the Society of Actuaries (F.S.A.) and a graduate of the University of Toronto, Ontario. He and his wife, Cathy, have three children.
Mr. Benanav has served as chairman and chief executive officer of New York Life International, LLC, a wholly owned subsidiary of New York Life Insurance Company, since joining the company in late 1997. He is also vice chairman of the board of New York Life Insurance Company. Mr. Benanav's career included 24 years with Aetna Life and Casualty Company, where his assignments included chief executive roles with Aetna International, Aetna's domestic life and asset accumulation businesses, and Aetna's property/casualty operations.
New York Life International offers insurance products through its subsidiaries and affiliates in Hong Kong, India, Mexico, the Philippines, South Korea, Taiwan, Thailand, Argentina, and China. The company maintains a representative office in Hanoi, Vietnam.
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, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement planning and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
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