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EQUITABLE NAMES MELONE TO HEAD INSURANCE SUBSIDIARY

 EQUITABLE NAMES MELONE TO HEAD INSURANCE SUBSIDIARY
 NEW YORK, Sept. 17 /PRNewswire/ -- Richard H. Jenrette, chairman &


chief executive officer of The Equitable Companies Incorporated (NYSE: EQ), announced today that Joseph J. Melone will become president & chief executive officer of The Equitable Life Assurance Society, which is now a wholly-owned subsidiary of The Equitable Companies. Mr. Melone, 61, is currently president & chief operating officer. He joined The Equitable two years ago after serving as president of The Prudential Insurance Company of America for seven years.
 Mr. Jenrette stated that the move was intended to create a management structure more focused on the Company's key component businesses, which include other financial services such as investment management and investment banking, as well as insurance and annuities. He added that, "Joe Melone is highly regarded as one of the life insurance industry's most respected leaders and statesmen. This move will allow him to focus his experience and energies on building our core life insurance and annuity businesses, which are already experiencing a major turnaround as a result of the recent capital-raising initiatives including demutualization."
 Mr. Jenrette will continue as overall Chief Executive Officer, with the principal businesses reporting to him. In addition to the insurance company, headed by Mr. Melone, The Equitable has four investment subsidiaries. These groups are headed by: John S. Chalsty, chief executive officer of Donaldson, Lufkin & Jenrette, Inc., Equitable's wholly-owned investment banking subsidiary; Dave H. Williams, chief executive officer of Alliance Capital Management, L.P., which is 55 percent owned by Equitable; George R. Puskar, chief executive officer of Equitable Real Estate Investment Management, Inc.; and John D. Miller, chief executive officer of Equitable Capital Management Corp.
 "We are fortunate to have strong leadership in each of these businesses," stated Mr. Jenrette. Equitable now manages nearly $150 billion in assets, including $100 billion managed in the four investment subsidiaries for clients outside the life insurance company.
 Equitable completed its conversion from a mutual structure to stock ownership with a $450 million public offering of stock in July and now has total capital of approximately $2.6 billion. Mr. Jenrette recently stated that the Company, whose operations have previously been hindered by asset writedowns and losses in its guaranteed interest contract business, expects to return to profitability in its continuing operations in the current third quarter.
 Mr. Melone described his assignment as an "exciting opportunity," adding "now that we can move forward as a stronger, better capitalized stock company, the future potential of The Equitable is truly enormous. Demographic trends in the U.S. will assure a growing demand for the kinds of products and services we offer, and we bring strong distribution capabilities, product innovativeness, and proven investment skills to these growth markets."
 Mr. Melone is a director of The Equitable Life Assurance Society and The Equitable Companies Incorporated, as well as the following subsidiaries: Donaldson, Lufkin & Jenrette, Alliance Capital Management, and Equitable Capital Management. He is also a member of The Equitable's Executive Committee.
 Mr. Melone is a director of AXA Equity and Law, the major British insurance company and a subsidiary of AXA, the French insurer that is the principal shareholder in The Equitable Companies. He is also a director of the Foster Wheeler Corporation.
 Mr. Melone, who joined The Prudential in 1968, held various positions there until his election as President in 1984. He is a Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC), and Chartered Property and Casualty Underwriter (CPCU). He is a recognized authority on pension planning, and has written extensively on the subject. He is a 1953 graduate of the University of Pennsylvania and subsequently earned his MBA and PhD in Economics from the Wharton School. After serving as Associate Professor of Insurance at Wharton for seven years, he was Research Director of the American College of Life Underwriters for two years.
 -0- 9/17/92
 /CONTACT: Terrance Little, 212-554-8929, or Nancy Green, 212-554-3475, or investors, Greg Wilcox, 212-554-2595, all of The Equitable/
 (EQ) CO: Equitable Companies Incorporated; Equitable Life Assurance
 Society ST: New York IN: INS SU: PER


LR -- NY070 -- 0718 09/17/92 13:53 EDT
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Date:Sep 17, 1992
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