MetLife chairman and ceo Benmosche to retire in '06.MetLife said Robert H. Benmosche, its chairman and chief executive officer, advised the company's board April 26 that he will retire in the spring of 2006. At the company's annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the board unanimously elected C. Robert (Rob) Henrikson, MetLife's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , to the board and named him to succeed Benmosche. Benmosche who was named to his current positions in 1998, led MetLife through a successful demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. and growth in its core businesses, MetLife said. That growth continued into this year, as MetLife said it would acquire for $11.5 billion Citigroup's Travelers Life & Annuity unit Annuity Unit An accumulation unit for which the annuitant has annuitized their contract. This is a sub-account of the retiree's total accumulated annuity. These units represents a fixed share of ownership of the insurer's accounts portfolio. and nearly all of Citigroup's international insurance businesses in a transaction that would make it North America's largest individual life insurer based on sales. "We have solid platforms for growth in our core life insurance and annuity businesses and a growing international presence, and we have developed a comprehensive plan for the smooth and rapid integration of the Travelers business into MetLife," Benmosche said in a statement. "With a closing of that transaction by the summer of 2005, we fully expect to complete the integration of the business by December 2005." Benmosche, who turns 61 in June, joined MetLife as an executive vice president in 1995 and was president and chief operating officer from November 1997 through June 1998. He was named chairman of the board, president and chief executive officer in July 1998. "Robert Henrikson is an exceptionally talented leader, with broad experience in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and insurance industry," Benmosche said. "I believe he is the ideal person to lead MetLife through its next growth phase." |
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