NEW YORK, N.Y., JUNE 30, 2008 – Ted Mathas tomorrow assumes the position of chief executive officer of New York Life Insurance Company, the largest mutual life insurance company in the United States with 15,000 employees and 50,000 agents worldwide, and more than $280 billion in assets under management.
Mr. Mathas, 41, retains the title of president of the company, a post he’s held since July 1, 2007. As CEO, he will oversee all of the company’s U.S. and international operations including individual life insurance, retirement income, investments and long-term care insurance. These operations include New York Life’s life insurance and annuity programs offered through AARP, and New York Life Investment Management, LLC, which provides institutional asset management, retirement plan and trust services, as well as institutional and retail mutual funds. Also, New York Life International, LLC, the international arm of New York Life Insurance Company, which offers insurance products in Asia and Latin America through its subsidiaries and affiliates in China, Hong Kong, India, Taiwan, Thailand, South Korea, Argentina and Mexico.
Mr. Mathas succeeds Sy Sternberg, 65, New York Life’s chairman and chief executive officer since 1997, who retires after 19 years of service with the company, including 11 years as CEO. Mr. Sternberg remains chairman of the Board of Directors in a non-executive capacity, for a transition period.
Mr. Mathas said, “I’m honored to become CEO of New York Life, 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, together with a belief in the core values of humanity, integrity and financial strength. I’m proud to be a part of that tradition. As CEO I will be working tirelessly with our agents, employees and partners to continue serving the needs of our millions of policyholders.”
As CEO, Mr. Mathas leads New York Life’s career agency force, including more than 50,000 agents in the United States and abroad, at a time when many people are seeking knowledgeable advisors to help them protect their loved ones from loss of income and to assist with income planning in retirement.
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. 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 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.
“Ted Mathas is committed to maintaining the company’s superior financial strength, to fostering New York Life’s agency distribution system and growing core life insurance and related products, while continuing our profitable growth internationally. We are fortunate to have a leader of Ted’s energy, intellect, vision and judgment taking the reins,” said Mr. Sternberg.
Mr. Mathas says of his predecessor, “Under Sy Sternberg’s direction, New York Life has successfully grown to $13 billion in annual revenue, $14 billion in surplus, and obtained the highest possible financial strength ratings from all four of the major credit rating agencies. Sy leaves us a financially stronger, more focused and dynamic company and we are all enormously grateful for his superb leadership.”
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 his 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.
Mr. Sternberg was recently elected chairman of the Board of Trustees of Northeastern University, effective July 1, 2008.
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
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|Ted Mathas Becomes Chief Executive Officer Of New York Life|