New York — Ted Mathas will assume the position of CEO of New York Life Insurance Co., effective July 1, 2008.
Mathas 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, 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.
Mathas succeeds Sy Sternberg, New York Life’s chairman and CEO since 1997, who will retire after 19 years of service with the company, including 11 years as CEO. Sternberg will remain chairman of the board of directors in a non-executive capacity, for a transitional period.
“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," Mathas says. "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, 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.
“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,” says Sternberg. "We are fortunate to have a leader of Ted’s energy, intellect, vision and judgment taking the reins."
Source: New York Life
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