NEW YORK, N.Y., SEPTEMBER 26, 2007 – New York Life Insurance Company announced today that Richard L. Mucci, 56, will join New York Life International, the company’s overseas arm with operations in eight markets, as Chairman and CEO of International on October 8. He succeeds Joseph Gilmour, who has decided to leave the company.
Ted Mathas, President and Chief Operating Officer of New York Life, said, “Our International operations today contribute more than a quarter of New York Life’s total life insurance sales and more than two billion dollars in operating revenue. We are fortunate to have a senior executive of Dick Mucci’s experience and skill to run our growing International operations. New York Life Chairman and CEO Sy Sternberg and I believe Dick can lead International to achieve its full potential in a global environment of increasing complexity and continue building momentum for our business in the eight markets where we operate outside the United States.” Mr. Mucci will report to Mr. Mathas.
As Chairman and CEO of International, Mr. Mucci will be responsible for providing the senior executive leadership of New York Life’s operations in Argentina, China, Hong Kong, India, Mexico, South Korea, Taiwan, and Thailand. He also will be joining New York Life’s Executive Management Committee, its decision-making body.
Mr. Mucci joins New York Life from Hartford Life, where he last served as head of their Group Benefits Division, a sales leader in group disability and group life. Prior to joining the Hartford, Mr. Mucci spent five years at MassMutual where he led a successful turnaround of the Disability Income Business he headed. He spent the first 23 years of his career with Paul Revere Insurance Company where he rose to the position of Executive Vice President and Chief Operating Officer. Mr. Mucci is trained as an actuary and has both a Bachelor’s and a Master’s degree in Mathematics from Boston College. He resides in Connecticut
New York Life also announced the promotions of two of International’s key leaders who will be working closely with Mr. Mucci on international strategy going forward. International’s two regional chief executives, William Beaty and John Harrison, are promoted to vice chairmen of New York Life International, effective immediately. They will report directly to Mr. Mucci.
Mr. Beaty, the Latin America CEO, is joining the International Home Office team and will be splitting his time between Mexico and New York. He has overseen the growth of New York Life’s business and brand in Mexico, where he has served as Country Head since joining International in 2000, and in overseeing the company’s operation in Argentina since 2006. He will continue to be responsible for Latin America.
Mr. Harrison will continue as CEO overseeing all Asia markets and will remain based in the Asia Regional Office in Hong Kong. The company is adding its fastest growing operation, Max New York Life in India, to Mr. Harrison’s portfolio of operations in China, Hong Kong, South Korea, Taiwan and Thailand.
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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|Richard Mucci Joins New York Life As International Chairman|