NEW YORK, N.Y., MAY 22, 2006 — New York Life Insurance Company today announced that its Board of Directors has elected Theodore A. Mathas a member of the Board, effective July 1, with the title of vice chairman of the board. His election brings the number of directors to 14. Mr. Mathas, 39, is also being promoted to chief operating officer of the company.
In addition, the company promoted Phillip J. Hildebrand to vice chairman and Gary E. Wendlandt to senior executive vice president for Investment & Finance. These assignments also are effective July 1. Mr. Hildebrand, 53, and Mr. Wendlandt, 55, will support Mr. Mathas in his new role, and will join him in a new Office of the Chief Operating Officer, with the office having responsibility for all domestic business operations.
Sy Sternberg, chairman of the board and chief executive officer, said, "Ted Mathas has contributed enormously to New York Life in the eleven years he has been with us. The election of Ted as a director of the company is a reflection of the Board's view that he has demonstrated great skill and determination in leading our U.S. Insurance Operations to new records, and that he is ready for additional responsibilities. We look forward to seeing the company benefit from Ted's leadership for many years to come."
Mr. Sternberg said, "The board's election of Phil Hildebrand to the position of vice chairman is a well–deserved recognition of Phil's substantial contributions to New York Life's distribution systems and outstanding success as co–head of U.S. Insurance Operations. Similarly, at our investment management subsidiary, Gary Wendlandt has achieved superb results, with the subsidiary now surpassing $200 billion in assets under management. He will remain chairman of the subsidiary, while Brian Murdock will assume the duties of chief executive of the subsidiary."
As chief operating officer, Mr. Mathas is responsible for overall oversight of the functions reporting to the Office of the Chief Operating Officer. On a day–to–day basis within this Office, Mr. Mathas will be responsible for Life and Annuity operations and Retirement Income. Mr. Hildebrand will be responsible for Agency distribution, Special Markets and Life and Annuity administration; and Mr. Wendlandt will be responsible for the investment management subsidiary and activities associated with the chief investment officer and chief financial officer.
Mr. Sternberg said, "These changes say a great deal about our company and the tremendous depth and experience of our entire management team. New York Life is a strong and growing company, both domestically and internationally, and we have developed exceptional leaders for the future. We are proud of their accomplishments and teamwork in running our largest business operations, and we look forward to many more great achievements from them and other members of the management team in the years to come."
Mr. Mathas will continue to report to the Office of the Chairman, occupied by Mr. Sternberg, 62, chairman and CEO, and Frederick J. Sievert, 58, president.
Mr. Mathas joined New York Life in 1995 as a corporate vice president in the company's Asset Management Department. He became president of Eagle Strategies Corp., a registered investment subsidiary, the following year. In May 1997, Mr. Mathas assumed the additional position of president of NYLIFE Securities Inc., a retail broker–dealer subsidiary. He was promoted to senior vice president in 1998, and in June1999, he became chief operating officer in New York Life's Agency department. He became chief operating officer for Life and Annuity in April 2001 and was elected an executive vice president in January 2004, when he was named co–head of Life and Annuity.
Mr. Mathas is a member of the company's Executive Management Committee, the group of senior executives responsible for setting all policies and procedures of the company. He also serves on the board of directors of Haier New York Life Insurance Ltd., the company's joint venture in China, and several domestic New York Life entities.
Prior to joining New York Life, Mr. Mathas was an attorney with the international law firm of Debevoise & Plimpton. He graduated with an A.B. from Stanford University, with distinction, in 1989, and received a J.D. from the University of Virginia in 1992, where he was member of the Virginia Law Review and the Order of the Coif. Mr. Mathas and his wife, Keryn, live in Armonk, New York, with their three children.
Mr. Hildebrand joined New York Life as an agent in Arizona in 1975. He soon entered agency management and ran general offices in Scottsdale, Austin, San Diego and Dallas. In 1997, he transferred to the Home Office to run the Agency department, overseeing the operation and activities of the company's 10,000 licensed agents and 150 offices nationwide. In 2001, Mr. Hildebrand was named chief distribution officer for Life and Annuity, with the additional responsibility for product distribution through insurance brokers.
Mr. Hildebrand serves on the boards of New York Life Insurance Worldwide Ltd., the company's operation in Hong Kong, and New York Life Insurance Taiwan Corporation, the company's operation in Taiwan. He is a member of the Board of Trustees of the Million Dollar Round Table Foundation, and serves on the boards of several domestic New York Life entities.
Mr. Hildebrand attended Northern Arizona University, where he played varsity football. In 1998, the university honored him with the Alumni Achievement Award for outstanding professional accomplishments and community service. He has earned a Chartered Life Underwriter (CLU) designation. Mr. Hildebrand resides in Purchase, New York, with his wife, Wendy. They have three sons.
Mr. Wendlandt joined New York Life in 1999 from Massachusetts Mutual Life Insurance Company, where he was executive vice president and chief investment officer. Mr. Wendlandt joined New York Life in 1999 as an executive vice president and was responsible for establishing the subsidiary, New York Life Investment Management LLC. He is a member of New York Life's Executive Management Committee. He joined Massachusetts Mutual Life Insurance Company 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.
Mr. Wendlandt is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries. He is also an executive board member of the National Boy Scouts of America.
A native of Milwaukee, Wisconsin, 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 and a member of the American Academy of Actuaries. Mr. Wendlandt and his wife, Peg, reside in New York City. They have three grown 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, annuities and long–term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement planning 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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