SPRINGFIELD, Mass., Dec. 28, 2010 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) announced that Roger W. Crandall has assumed the position of Chairman of the Board of Directors, effective today. The appointment as Chairman, previously announced in June of this year, is in addition to his current roles as President and Chief Executive Officer.
As Chairman, Mr. Crandall succeeds Stuart H. Reese, who has retired. Mr. Reese served as Chairman and CEO of MassMutual prior to Mr. Crandall's appointment to CEO on January 1 of this year.
"I am proud and honored to serve as Chairman of MassMutual, particularly as we approach our 160th anniversary next year," said Mr. Crandall. "Since our founding in 1851, we have built a tremendous history and legacy of financial strength, security and customer focus for the benefit of our policyholders, and we are as strongly positioned now as we have ever been. Our strategy is sound, our strength is intact, our businesses have excellent momentum, and we continue to make doing business with MassMutual a good decision for our policyholders."
"It is equally an honor to follow in the footsteps of a leader like Stu Reese, who showed a unique combination of intellect, integrity and stewardship throughout his tenure at MassMutual," Mr. Crandall continued. "Stu's emphasis on MassMutual's core strengths and our strategy grounded in our roots as a mutual life insurance company served us well during one of the most challenging economic periods in history, and has positioned us strongly for the future."
Mr. Crandall 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, and in 2002 was named Managing Director and head of the company's Corporate Bond Management, Public Bond Trading and Institutional Fixed Income units. He became Chairman of Babson Capital and Executive Vice President and Chief Investment Officer of MassMutual in 2005, and was appointed Co-Chief Operating Officer of MassMutual in 2007. He was named President and Chief Operating Officer in 2008, at which point he joined the Board of Directors.
Mr. Crandall is a Board member of the American Council of Life Insurers and the Wharton Board of Leadership Advisors. He serves on the CEO Roundtable and the Massachusetts Governor's Council of Economic Advisors. He is a Chartered Financial Analyst (CFA) and 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.
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, member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.