New York Life (New York), the largest mutual life insurer in the U.S., has announced that the company’s Board of Directors has elected CEO and President Craig DeSanto as the next Chair of the Board, effective April 15, 2023. DeSanto, who will be the company’s 14th Chair since the position was established in 1931, will succeed current Chair Ted Mathas who retired as New York Life’s CEO last year after serving in the role for 14 years. DeSanto assumed New York Life’s CEO position on April 16, 2022 and has served as a member of the company’s Board of Directors since February 2021.
“I am honored to serve our policy owners as New York Life’s next Chair and to succeed Ted, who set a powerful example for what it means to be an unwavering steward of our company,” comments DeSanto. “Thanks to our mutuality, superior financial strength, unrivaled career agency system, and an outstanding, diverse team of dedicated agents and employees, we are exceptionally well-positioned to continue to provide financial security and peace of mind to our clients.”
“Ted oversaw a seamless transition to Craig as CEO and Chair and we thank him for his many years of service to New York Life,” comments Thomas Schievelbein, New York Life’s independent Lead Director. “The Board of Directors unanimously agreed that Craig’s breadth of experience at the company and his deep understanding of the industry position him as the ideal leader to help author New York Life’s next chapter.”
“Craig has proven he has the knowledge, experience, and vision to further New York Life’s tradition of delivering on the company’s commitments to policy owners and clients, agents and employees, and the communities where we work and live,” comments Mathas. “In a career that spans more than two decades with the company, he has overseen and produced outstanding results across the businesses and, since being named CEO, has delivered strong results on behalf of the clients who place their trust in New York Life.”
DeSanto currently serves on the boards of the American Council of Life Insurers and the Partnership for New York City.
Source: Insurance Innovation Reporter