NEW YORK, N.Y., May 29, 2009 – On Monday Ted Mathas assumes the position of Chairman of the Board of New York Life Insurance Company, the largest mutual life insurance company in the United States with 17,000 employees worldwide and more than $248 billion in assets under management.
Mr. Mathas retains the title of chief executive officer and president of the company. He became chief executive officer on July 1, 2008 and president on July 1, 2007.
The new chairman succeeds Sy Sternberg, 65, who had remained chairman of the Board of Directors in a non-executive capacity since his retirement on June 30, 2008 after 19 years of service with the company, including 12 years as chairman.
Mr. Mathas will be the 13th chairman of New York Life since the position was established in 1931. The company was founded in New York City in 1845 and today New York Life ranks as the 76th largest company in the United States.*
Mr. Mathas said, “I’m honored to become chairman of New York Life, which is committed to delivering on our promises to millions of policyholders and maintaining the most successful career agency system in the United States. I’m especially proud of how our company has prepared for and withstood the global financial crisis.”
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 and in February 2009, was elected Chairman of the Board, effective June 1, 2009. 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 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.
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, retirement income, investments and long-term care insurance. New York Life Investments** 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. Visit New York Life’s Web site at http://www.newyorklife.com for more information.
* Fortune, May 4, 2009 issue.
** New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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|Ted Mathas Becomes Chairman Of The Board Of New York Life On June 1|