Massachusetts Mutual Life Insurance Company says it is firing Robert O'Connell, the company's chairman and chief executive, "due to certain issues, subject to his rights under his employment contract."[@@]
Stuart Reese will take over as chief executive officer and president of MassMutual, Springfield, Mass., and James Birle will become chairman of the company's board.
MassMutual's announcement about O'Connell's firing "speaks for itself, and we have nothing further to add," MassMutual spokesman Mark DiGiorgio said Friday.
MassMutual said in the original announcement of O'Connell's departure that the issues surrounding the dismissal "do not affect the company's financial strength or its operations going forward."
A company spokesman told a reporter for MassMutual's hometown newspaper, the Springfield Republican, that the company took action as a result of O'Connell's "conduct," but the spokesman declined to elaborate further, according to an article that appeared Saturday in the Springfield Republican.
O'Connell has issued a separate statement emphasizing MassMutual's strong performance.
