SPRINGFIELD, Mass., June 16 /PRNewswire/ -- Roger W. Crandall has been elected Chairman of the Board of Massachusetts Mutual Life Insurance Company (MassMutual) by the company's Board of Directors, effective December 28, 2010.
Mr. Crandall, who has been President and Chief Executive Officer since January 1, 2010 and will retain both titles, succeeds Stuart H. Reese, who will retire as Non-Executive Chairman and member of the Board of Directors.
"It is an honor to serve our policyholders as the next Chairman of MassMutual," said Mr. Crandall. "I look forward to working closely with our Board of Directors and the dedicated employees of this great company as we continue to build on our distinguished history. I have been fortunate to follow Stu Reese, who reinforced our proven focus as a mutual life insurance company operating for the benefit of our policyholders. Stu's emphasis on our core strengths enabled us to retain our extremely strong financial and competitive position during the most volatile economic times, and we will continue to benefit from his tenure here for a long time to come."
Mr. Reese noted that his retirement marks the end of a smooth and orderly transition that began when Mr. Crandall was named as his successor in June 2009.
"The Board was unanimous in its confidence that Roger is ideally suited to lead MassMutual as Chairman, President and CEO," said Mr. Reese. "Roger has a keen sense of what has distinguished MassMutual during its 159 years, and that perspective, together with his personal integrity, strategic vision, and keen focus on the customer, will serve the company and its policyholders well."
Roger W. Crandall
Prior to his appointment as CEO, Mr. Crandall served as President and Chief Operating Officer of MassMutual, a position he held since December 2008 when he also joined the Board of Directors. He served as Executive Vice President and Chief Investment Officer of MassMutual from June 2005 to November 2008, and was also appointed Co-Chief Operating Officer of MassMutual in June 2007.
Mr. Crandall first joined MassMutual in 1988 and held several positions in the company's Investment Management Department before joining Babson Capital Management LLC, a MassMutual subsidiary, where he ultimately served as Chairman.
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. He currently serves on the Boards for the American Council of Life Insurers, the Massachusetts Governor's Council of Economic Advisors and the Business Roundtable.
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 Trustees for Gettysburg College. He formerly served on the Boards for the American Council of Life Insurers, the Federal Reserve Bank of Boston 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.