SPRINGFIELD, Mass., Dec. 30 /PRNewswire/ -- Roger W. Crandall will become Chief Executive Officer of Massachusetts Mutual Life Insurance Company (MassMutual) on January 1, 2010, completing the transition in leadership previously announced by the company in June.
Mr. Crandall, who has been President and Chief Operating Officer, will retain the title of President. He succeeds Stuart H. Reese, who will serve as Non-Executive Chairman of the Board of Directors.
"I'm honored to become the next CEO of MassMutual and have the opportunity to continue the legacy of leadership established by Stu Reese," said Mr. Crandall. "As a mutual company operating for the benefit of our policyholders, our entire organization - including our leadership team, employees and financial professionals - is committed to continuing the long tradition of financial strength, security and stewardship we have provided to our policyholders since we were founded in 1851."
"We addressed the challenges of 2009 head on by posting record whole life insurance sales, growing our field force to 5,000 financial professionals, recording our highest sales year ever in our Retirement Services business, and maintaining our strong financial position," Mr. Crandall continued. "We are extremely well-positioned to build on our recent success and continue to serve the needs of our growing base of policyholders and clients. I look forward to continuing to work closely with Stu in his capacity as Chairman so we can ensure a smooth transition, build upon our strong foundation, and continue to make doing business with MassMutual a good decision for our policyholders."
"MassMutual is fortunate to have an incoming CEO with the caliber of leadership, intellect, vision and enthusiasm as Roger Crandall," said Mr. Reese. "Roger's career at MassMutual has been marked by his unmatched integrity, keen strategic focus and a relentless drive to do what's right for the customer. The Board and I continue to have complete confidence that he will do an excellent job leading this company into the future and serving our policyholders."
Roger W. Crandall
Mr. Crandall first joined MassMutual in 1988 and spent the first 12 years of his career in the company's Investment Management Department. In 2000, he joined Babson Capital Management LLC, a MassMutual subsidiary. In 2002, he was named Managing Director at Babson Capital and head of the company's Corporate Bond Management, Public Bond Trading and Institutional Fixed Income units.
In June 2005, Mr. Crandall was appointed Chairman of Babson Capital and Executive Vice President and Chief Investment Officer of MassMutual. He was appointed Co-Chief Operating Officer of MassMutual in June 2007. In this role he was accountable for Babson Capital and two other MassMutual subsidiaries - Cornerstone Real Estate Advisers LLC and Baring Asset Management Limited - as well as MassMutual's Retirement and Financial Products businesses. Mr. Crandall was named President and Chief Operating Officer in December 2008, at which point he joined the Board of Directors and also gained oversight of MassMutual's domestic insurance business - which includes the company's core product, whole life insurance - Enterprise Technology Organization and MassMutual International LLC.
Mr. Crandall, a Chartered Financial Analyst (CFA), is a graduate of the University of Vermont with a bachelor's degree in Economics. He earned his MBA from the Wharton School of Business at the University of Pennsylvania.
Stuart H. Reese
Prior to his appointment as CEO in 2005, Mr. Reese served as Executive Vice President and Chief Investment Officer at MassMutual. In addition to acting as Chairman and CEO of Babson Capital Management LLC, he was also Chairman of Cornerstone Real Estate Advisers LLC. Mr. Reese joined MassMutual in 1993, coming from Aetna Life and Casualty Company, where he served as Vice President and Managing Director, Capital Markets.
Mr. Reese currently serves on the Board of Directors for the Federal Reserve Bank of Boston and the Board of Trustees for Gettysburg College. He formerly served on the Boards for the American Council of Life Insurers and the Massachusetts Governor's Council of Economic Advisors. He has also served as Chair of the Advisory Board for the LRN-RAND Center for Corporate Ethics, Law, and Governance.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders every year since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
MEDIA CONTACT: Mark Cybulski 413-744-5427