Ted Mathas has been named chief executive officer-elect by the board of directors of New York Life Insurance Company, New York. He will succeed Sy Sternberg, 64, who has been CEO for more than a decade, upon Mr. Sternberg's retirement on June 30, 2008. Beginning July 1, Mr. Sternberg remains chairman of the board of directors in a non-executive capacity, for a transition period.
Mr. Mathas, 40, has served as New York Life's president since June 2007 and chief operating officer since May 2006. He will retain the president's title upon assuming the chief executive's role in July.
Mr. Sternberg said, "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. 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."
Mr. Mathas said, "I'm honored to have the confidence of the board and look forward to becoming the next chief executive of New York Life in July. Sy and I will continue working closely together to assure a smooth transition. New York Life is a remarkable company, with a well-deserved reputation for delivering on our promises to policyholders and maintaining the most successful career agency system in the United States. A tradition of strong executive stewardship has played a key role in the company's track record of success for 163 years, and I'm proud to be a part of that tradition. I'm looking forward to my new role and to working with our agents, employees and partners to continue serving the needs of our millions of policyholders."
