New York – Ted Mathas was named CEO-elect by the board of directors of New York Life Insurance Co. He will succeed Sy Sternberg, who has been CEO for more than a decade, upon Sternberg’s retirement on June 30, 2008. Beginning July 1, Sternberg will remain chairman of the board of directors in a non-executive capacity, for a transition period.

Mathas has served as New York Life’s president since June 2007, and COO since May 2006. He will retain the president’s title upon assuming the chief executive’s role in July.  

“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,"says Sternberg. "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.”

Mathas will be the 18th chief executive in the company’s 163-year history. He is currently 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.  

Source: New York Life

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