New York — Richard Mucci will join New York Life International, New York Life Insurance Co.'s overseas arm with operations in eight markets, as chairman and chief executive officer of International on Oct. 8, 2007. He succeeds Joseph Gilmour, who decided to leave the company.
"Our International operations today contribute more than a quarter of New York Life's total life insurance sales and more than two billion dollars in operating revenue," says Ted Mathas, president and chief operating officer of New York Life. "We are fortunate to have a senior executive of Dick Mucci's experience and skill to run our growing International operations. New York Life chairman and CEO Sy Sternberg and I believe Dick can lead International to achieve its full potential in a global environment of increasing complexity and continue building momentum for our business in the eight markets where we operate outside the United States."
As chairman and chief executive officer of International, Mucci, who will report to Mathas, will be responsible for providing the senior executive leadership of New York Life's operations in Argentina, China, Hong Kong, India, Mexico, South Korea, Taiwan and Thailand. He also will be joining New York Life's Executive Management committee, its decision-making body.
Mucci joins New York Life from Hartford Life, where he last served as head of their Group Benefits Division, a sales leader in group disability and group life. Prior to joining the Hartford, Mucci spent five years at MassMutual where he led a successful turnaround of the Disability Income Business he headed. He spent the first 23 years of his career with Paul Revere Insurance Co, where he rose to the position of executive vice president and chief operating officer. Mucci is trained as an actuary and has both a Bachelor's and a Master's degree in mathematics from Boston College. He resides in Connecticut.
New York Life also announced the promotions of two of International's key leaders who will be working closely with Mucci on international strategy going forward. International's two regional chief executives, William Beaty and John Harrison, are promoted to vice chairmen of New York Life International, effective immediately.
Beaty, the Latin America chief executive officer, is joining the International home office team and will be splitting his time between Mexico and New York. He has overseen the growth of New York Life's business and brand in Mexico, where he served as country head since joining International in 2000, and in overseeing the company's operation in Argentina since 2006. He will continue to be responsible for Latin America.
Harrison will continue as chief executive officer, overseeing all Asia markets and will remain based in the Asia regional office in Hong Kong. The company is adding its fastest growing operation, Max New York Life in India, to Harrison's portfolio of operations in China, Hong Kong, South Korea, Taiwan and Thailand.
Source: New York Life Insurance Co.
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