A changing of the guard will take place, effective June 1, at New York Life Insurance Co. President and CEO Ted Mathas today was named chairman of the board by the board of directors. He will succeed Sy Sternberg, 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.
Mathas has served as New York Life’s president since July 2007, and CEO since July 2008. He will retain both titles upon assuming the chairman’s role in June.
“Ted is an excellent president and CEO," praised Sternberg. "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.”
“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," Mathas said. "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.”
In addition to New York Life’s board, Mathas serves on the board of the American Council of Life Insurers.
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