(Bloomberg) -- MetLife Inc. posted the biggest decline in the 21-company Standard & Poor’s 500Insurance Index after announcing the departure of William Wheeler, disappointing those who thought he would be the next chief executive officer.

Wheeler, 53, the former chief financial officer who has led the Americas unit since 2011, will retire in August, the New York-based company said Tuesday in a statement that didn’t name a successor. He said in the statement that he would “pursue other interests.” A former banker at Donaldson, Lufkin & Jenrette, Wheeler was named in February to the board of Evercore Partners Inc., a firm that advises on mergers and acquisitions.

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