NEW YORK--(BUSINESS WIRE)--New York Life announced today that John Y. Kim will retire as President at the end of the year following an extended period of success in which the company strengthened its industry leadership, enhanced its financial strength, and delivered on its commitments to its customers.
With Mr. Kim’s pending retirement, the company also announced several organizational changes including:
- Mark Madgett, Senior Vice President in charge of New York Life’s career Agency distribution system, who has led record sales campaigns and guided a successful transition to a digital sales platform in the last two years, will continue in this critical role and report to Ted Mathas, Chairman and CEO of New York Life, effective January 1, 2019.
- Craig DeSanto, promoted to Executive Vice President, assumes oversight of Retail Annuities in addition to his current responsibilities for the Strategic Insurance Businesses.
- Matt Grove, promoted to Executive Vice President, assumes oversight for the Technology, Service, and Business Planning and Strategy organizations in addition to his current responsibilities, which include the life insurance, underwriting, and marketing functions of the company.
- Anthony Malloy, promoted to Executive Vice President, assumes oversight for New York Life Investment Management, which will continue to be led by Yie-Hsin Hung, in addition to his current responsibilities as Chief Investment Officer.
Mr. DeSanto, Mr. Grove, and Mr. Malloy will also begin reporting to Mr. Mathas on January 1, 2019. Mr. DeSanto and Mr. Malloy will also join the company’s Risk Steering Committee. Mr. Madgett, Mr. DeSanto, Mr. Grove, Mr. Malloy and Ms. Hung remain members of the Executive Management Committee of the company.
Mr. Kim joined the company in 2008 and was named President in 2015. During his tenure, he led the investment management arm of the company, which experienced impressive growth in assets under management, expanded globally, and posted record profitability. With his appointment to President, Mr. Kim assumed additional responsibilities, overseeing all of the company’s business operations, and during that time the company posted record sales, operating earnings, surplus, and dividend payouts.
“Since joining the company 10 years ago, John has been instrumental in guiding and executing New York Life’s business and investment strategies, which has consistently strengthened our franchise and delivered phenomenal results on behalf of our policy owners,” said Ted Mathas, Chairman and CEO of New York Life. “He has been a trusted advisor to me and a steady hand in helping our company navigate a series of challenging economic conditions, including the financial crisis and the unprecedented low interest rate environment, in which we significantly outperformed the industry. In addition, he orchestrated the critical integration of technology with our core business strategy and operations, laying the digital foundation that will serve the needs of our clients, our agents, and employees across the country for years to come.”
Mr. Kim said: “I am honored to have helped lead the company through a period of sustained growth and innovation while reinforcing our commitment to being a mutual life insurance company. The success the company has enjoyed, and the relationships that I have forged with so many New York Life colleagues, have been extremely rewarding and will remain a highlight of my business career.”
Noting that the new executive appointments reflect the company’s deep and talented bench of senior leadership, Mr. Mathas added, “We have a strategic focus on identifying and developing the future leaders of the company, and today’s appointments reflect that commitment, both in terms of the individuals highlighted today but also the many leaders emerging in our business and corporate areas. I am extremely optimistic about the direction of the company and our ongoing ability to grow the value we deliver to our policy owners and provide peace of mind to the families and businesses who rely on us.”
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies**.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/18. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 8/1/2017: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)