NEW YORK, February 27, 2008 – Ted Mathas has been named chief executive officer-elect by the Board of Directors of New York Life Insurance Company. He will succeed Sy Sternberg, 64, who has been CEO for more than a decade, upon Mr. Sternberg’s retirement on June 30, 2008. Beginning July 1, Mr. Sternberg remains chairman of the Board of Directors in a non-executive capacity, for a transition period.
Mr. Mathas, 40, has served as New York Life’s president since July 1, 2007 and chief operating officer since July 1, 2006. He will retain the president’s title upon assuming the chief executive’s role in July.
Mr. Sternberg said, “As we looked ahead toward my scheduled retirement at age 65, the Board had time to plan – and I had time to assist in – an orderly and seamless transition so that the company doesn’t miss a beat. Ted is a superb choice for CEO. Since joining us in 1995 Ted has contributed to virtually every facet of New York Life, including our life and annuity products, distribution systems and services, and our international operations. We are fortunate to have a leader of Ted’s energy, intellect and vision taking the reins as chief executive in July.”
Mr. Mathas said, “I’m honored to have the confidence of the Board and look forward to becoming the next chief executive of New York Life in July. Sy and I will continue working closely together to assure a smooth transition. New York Life is a remarkable company, with a well-deserved reputation for delivering on our promises to policyholders and maintaining the most successful career agency system in the United States. A tradition of strong executive stewardship has played a key role in the company’s track record of success for 163 years, and I’m proud to be a part of that tradition. I’m looking forward to my new role and to working with our agents, employees and partners to continue serving the needs of our millions of policyholders.”
Mr. Mathas will be the 18th chief executive in the company’s 163-year history. He is currently president and chief operating officer, responsible for overseeing all domestic and international business operations including life insurance, retirement income, investments, long-term care insurance and related businesses, as well as the company’s career agency system. Serving with Mr. Mathas in the Office of the Chief Operating Officer is Gary Wendlandt, 57, the company’s chief investment officer who also serves as a director of the company with the title of Vice Chairman of the Board. Mr. Wendlandt reports to Mr. Mathas.
Since 2002, Mr. Mathas has been a member of the company’s Executive Management Committee, which is comprised of New York Life’s senior executive leadership and assists the CEO in setting policy for the company. He also serves on the board of Haier New York Life Insurance Ltd., the company’s joint venture in China, and on the board of the American Council of Life Insurers.
Mr. Mathas joined New York Life in June 1995 as an officer in the Asset Management Department. He became President of Eagle Strategies Corp., a registered investment subsidiary, in September 1996. 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 September 1998, and in June 1999, he became Chief Operating Officer in the Agency Department at New York Life. He became Chief Operating Officer for Life and Annuity in April 2001 and was elected Executive Vice President in January 2004, when he was named Co-head of U.S. Insurance Operations. Effective July 1, 2006, Mr. Mathas became Chief Operating Officer and was elected a member of the company’s board of directors with the title of Vice Chairman of the Board. He was elected President of New York Life effective July 1, 2007.
Mr. Mathas graduated with an A.B. from Stanford University, with distinction, in 1989. He received a J.D. from the University of Virginia in 1992, where he was a member of the Virginia Law Review and the Order of the Coif. He and his wife, Keryn, live in Armonk, New York, with their three children.
Mr. Sternberg joined New York Life in 1989 and became chairman and chief executive officer on April 1, 1997. He also served as president from October 1995 through September 2002. In nearly eleven years as chief executive officer Mr. Sternberg promoted four key strategies that spurred growth and profitability. The four strategies that remain the bedrock of the company today are life insurance, career agent distribution, mutuality and financial strength. Mr. Sternberg also led the company’s international expansion by entering China, India, Mexico and Thailand. Today New York Life has a quarter of its new sales coming from outside the United States, adding a healthy level of diversification to the company's portfolio of businesses. Mr. Sternberg's emphasis on financial strength and stability drove record operating results and strong growth in surplus, leading to Moody’s upgrading New York Life to triple-A status in late 2005 and Standard & Poor’s upgrading the company to triple-A in August 2007, joining the highest ratings the company already held from Fitch and A.M. Best. Mr. Sternberg also has been active in governmental affairs. He was appointed by President Clinton to the Asia-Pacific Economic Cooperation (APEC) business advisory council and also served as chairman of the American Council of Life Insurers in 2000-2001.
New York Life Insurance Company, a Fortune 100 company, 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. Founded in 1845 and headquartered in New York City, New York Life and its affiliates offer life insurance, retirement income, investments and long-term care insurance. New York Life Investment Management, LLC provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Visit New York Life’s Web site at www.newyorklife.com for more information.
Rating: 3.7/5 (6 votes cast)
|Ted Mathas Named As Next CEO Of New York Life, Effective July 1, 2008|