New York Life Announces Planned Leadership Transitions in Foundational Business

Executive Vice President Aaron Ball appointed head of Foundational Business

Senior Vice President Sonali Virendra appointed head of Agency

Executive Vice President Mark Madgett, recent Foundational Business co-head and head of Agency, to retire after 39 years with New York Life

NEW YORK--(BUSINESS WIRE)--New York Life, the largest¹ mutual life insurance company in the United States, has announced planned leadership transitions in the company’s Foundational Business, which delivers protection-first holistic advice and guidance to millions of customers through its 12,000 agents and advisors across the United States.

Effective Jan. 1, Executive Vice President Aaron Ball assumed the role of head of New York Life’s Foundational Business, while Senior Vice President Sonali Virendra became head of Agency. This transition follows the announcement last year of Executive Vice President Mark Madgett’s retirement in early 2025, marking the end of a remarkable 39-year career at the company.

“I have full confidence in Aaron and Sonali to continue driving our business forward to meet evolving customer expectations, while also advancing our commitment to our agents and advisors who deliver holistic financial guidance to our clients,” said New York Life’s Chair, President & CEO Craig DeSanto.

Ball previously served as co-head of the Foundational Business alongside Madgett. He joined New York Life in 2015 as head of Long-Term Care and has since become a key member of the company’s Executive Management Committee (EMC). With nearly three decades of experience in the financial services industry, Ball has played an integral role in shifting the Foundational Business to a client-centric model, empowering agents and advisors to better meet the needs of individuals and families.

Virendra most recently led the field offices in the West Central Zone and is a member of the EMC. Her 27-year career at New York Life has spanned a wide array of leadership roles, including positions in management, product consulting and sales support. As head of Agency, Virendra will help drive the company’s ongoing focus on agent and advisor development and client service.

DeSanto honored Madgett’s legacy, stating, “Mark’s visionary leadership over the years has been instrumental in modernizing our operations and strengthening our relationships with agents, advisors and clients.”

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. With headquarters in New York City, New York Life’s family of companies offers life insurance, and other solutions. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.²

^1	Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/4/2024. For methodology, please see https://fortune.com/franchise-list-page/fortune-500-methodology-2023/.
^2	Individual independent rating agency commentary as of 10/4/2024: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).