NEW YORK, N.Y., February 19, 2009 – President and CEO Ted Mathas has been named Chairman of the Board by the Board of Directors of New York Life Insurance Company, effective June 1, 2009. He will succeed Sy Sternberg, 65, New York Life’s chairman since April 1, 1997, who completes the longest tenure of any New York Life chairman since the position was established in 1931.
Mr. Mathas, 41, has served as New York Life’s president since July 2007 and chief executive officer since July 2008. He will retain both titles upon assuming the chairman’s role in June.
Mr. Sternberg said, “Ted is an excellent president and CEO. He is a leader in every sense of the word, and the time is right for Ted to assume the additional role of chairman of the board. Since joining us in 1995 Ted has contributed to every part of New York Life, making us more innovative and responsive to customer needs. The Company’s sales of life insurance and annuity products have soared under his leadership, and public confidence in New York Life has never been greater. We are fortunate to have a leader of Ted’s judgment, energy, intellect and vision to serve in these capacities.”
Mr. Mathas said, “I’m looking forward to working even more closely with our board of directors and continuing our work with agents, employees and partners in serving the needs of our millions of policyholders. All of us in the company – agents, employees and policyholders – are grateful for Sy’s remarkable service over the years. New York Life is financially stronger, more resilient and more customer-focused because of Sy’s strategic vision, analytical skills, hard work and dedication. A tradition of strong stewardship has played a key role in the company’s track record of success for 164 years, and I’m proud to be a part of that tradition.”
Mr. Mathas will be the 13th chairman of New York Life since the position was established in 1931. He has been a director of the company since July 2006. He is currently president and chief executive officer, responsible for running all aspects of the company, including all domestic and international business operations. The domestic business includes life insurance, retirement income security, investments, long-term care insurance and related businesses, as well as the company’s career agency system. The international business includes operations in eight markets located in Asia and Latin America.
In addition to New York Life’s board, Mr. Mathas serves 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 and Chief Executive Officer effective July 1, 2008.
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. He joined New York Life’s board of directors in 1995. 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's emphasis on financial strength and stability led 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.
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|Ted Mathas Named as Next Chairman of New York Life, Effective June 1|