NEW YORK, March 8, 2016 /PRNewswire/ -- Mutual of America Life Insurance Company, which specializes in providing a wide variety of retirement products and related services to organizations and their employees, announced that Thomas J. Moran will retire as Chief Executive Officer of the Company, after 21 years in the position, effective March 31, 2016. He will continue to serve as Chairman, a position he has held since 2005. John R. Greed, currently the Company's President, will succeed Mr. Moran and was appointed by the Board as President and Chief Executive Officer, effective April 1, 2016.
"When I began my career with Mutual of America, I never expected that I would be here for so many years, but I have loved every day. I have loved this Company, our employees and everything we stand for," said Mr. Moran. "John has been an integral member of our senior leadership team for nearly two decades. He possesses the right combination of experience, expertise and vision to lead the Company, while remaining committed to meeting the needs of our customers."
Mr. Moran spent the past four decades with Mutual of America, having joined the Company in 1975, one year after graduating from Manhattan College in New York City. Over the years, he held key positions throughout the Company before succeeding his predecessor and mentor, William J. Flynn, as CEO and President in 1994.
Under Mr. Moran's leadership, Mutual of America became a leading provider of retirement plans, growing its 403(b), 401(k) and 401(a) Thrift plan and individual product premiums from approximately $225 million in 1994 to over $1.6 billion in 2015, which represents a compound annual growth rate of 10%. He has also served in several insurance industry leadership positions, including his past service as Chairman of the Medical Information Bureau and as Chairman of the Life Insurance Council of New York.
Moreover, Mr. Moran's passionate commitment to community giving is evidenced, in part, by the Mutual of America Foundation Community Partnership Award, which he established in 1996, and his steadfast support of numerous charitable and educational organizations. Mr. Moran has served as Chairman of the Board of Concern Worldwide US for more than a decade. In addition, he was appointed Chancellor of Queen's University in Belfast, Northern Ireland, in 2015.
Mr. Greed, who joined the Company in 1996, was appointed President of Mutual of America last March, succeeding Mr. Moran. Prior to his appointment, Mr. Greed also served as Senior Executive Vice President and Chief Financial Officer and, before that, as Executive Vice President and Treasurer.
"Tom Moran's vision, leadership, commitment and compassion are second-to-none," said Mr. Greed. "It has been a privilege and honor to be a member of his executive team and work under his leadership as he spearheaded the Company's growth and fostered a culture of caring for our employees and customers. Tom has taught me so much about the retirement savings business over the past 20 years; however, equally as important, he has taught me even more about people, caring, giving back and making a difference in the world however you can. He has made me a better person, and I will be forever grateful for his influence in my life. I look forward to continuing the Company's tradition of addressing the needs of our customers as they seek to build and preserve assets for a financially secure future."
Prior to joining Mutual of America, Mr. Greed was a partner with Arthur Andersen. He currently serves on the Board and Executive Committee of the Greater New York Councils of the Boy Scouts of America.
About Mutual of America
Since 1945, Mutual of America has remained committed to offering plan sponsors, plan participants and individuals carefully selected, quality products and services at a competitive price and the personal attention they need to help build and preserve assets for a financially secure future. For more information, visit mutualofamerica.com.
SOURCE Mutual of America