New York Life Insurance Company Promotes Senior Executives; Theodore A. Mathas Elected a Director and Promoted to Chief Operating Officer, a New Position.
NEW YORK -- New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world. today announced that its Board of Directors has elected Theodore A. Mathas a member of the Board, effective July 1, with the title of vice chairman of the board. His election brings the number of directors to 14. Mr. Mathas, 39, is also being promoted to 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. of the company.
In addition, the company promoted Phillip J. Hildebrand to vice chairman and Gary E. Wendlandt to senior executive vice president for Investment & Finance. These assignments also are effective July 1. Mr. Hildebrand, 53, and Mr. Wendlandt, 55, will support Mr. Mathas in his new role, and will join him in a new Office of the Chief Operating Officer, with the office having responsibility for all domestic business operations.
Sy Sternberg, chairman of the board and chief executive officer, said, "Ted Mathas has contributed enormously to New York Life in the eleven years he has been with us. The election of Ted as a director of the company is a reflection of the Board's view that he has demonstrated great skill and determination in leading our U.S. Insurance Operations to new records, and that he is ready for additional responsibilities. We look forward to seeing the company benefit from Ted's leadership for many years to come."
Mr. Sternberg said, "The board's election of Phil Hildebrand to the position of vice chairman is a well-deserved recognition of Phil's substantial contributions to New York Life's distribution systems and outstanding success as co-head of U.S. Insurance Operations. Similarly, at our investment management subsidiary, Gary Wendlandt has achieved superb results, with the subsidiary now surpassing $200 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . He will remain chairman of the subsidiary, while Brian Murdock will assume the duties of chief executive of the subsidiary."
As chief operating officer, Mr. Mathas is responsible for overall oversight of the functions reporting to the Office of the Chief Operating Officer. On a day-to-day basis within this Office, Mr. Mathas will be responsible for Life and Annuity operations and Retirement Income. Mr. Hildebrand will be responsible for Agency distribution, Special Markets and Life and Annuity administration; and Mr. Wendlandt will be responsible for the investment management subsidiary and activities associated with the chief investment officer and chief financial officer.
Mr. Sternberg said, "These changes say a great deal about our company and the tremendous depth and experience of our entire management team. New York Life is a strong and growing company, both domestically and internationally, and we have developed exceptional leaders for the future. We are proud of their accomplishments and teamwork in running our largest business operations, and we look forward to many more great achievements from them and other members of the management team in the years to come."
Mr. Mathas will continue to report to the Office of the Chairman, occupied by Mr. Sternberg, 62, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Frederick J. Sievert sie·vert
Abbr. Sv A unit of ionizing radiation absorbed dose equivalent in the International System of Units, obtained as a product of the absorbed dose measure in grays and a dimensionless factor, stipulated by the International , 58, president.
Mr. Mathas joined New York Life in 1995 as a corporate vice president in the company's Asset Management Department. He became president of Eagle Strategies Corp., a registered investment subsidiary, the following year. In May 1997, Mr. Mathas assumed the additional position of president of NYLIFE Securities Inc., a retail broker-dealer subsidiary. He was promoted to senior vice president in 1998, and in June 1999, he became chief operating officer in New York Life's Agency department. He became chief operating officer for Life and Annuity in April 2001 and was elected an executive vice president in January 2004, when he was named co-head of Life and Annuity.
Mr. Mathas is a member of the company's Executive Management Committee, the group of senior executives responsible for setting all policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental of the company. He also serves on the board of directors of Haier New York Life Insurance Ltd., the company's joint venture in China, and several domestic New York Life entities.
Prior to joining New York Life, Mr. Mathas was an attorney with the international law firm of Debevoise & Plimpton. He graduated with an A.B. from Stanford University, with distinction, in 1989, and received a J.D. from the University of Virginia in 1992, where he was member of the Virginia Law Review and the Order of the Coif An unincorporated national scholastic honor society in law. Its purpose is to foster excellence in legal scholarship and to recognize those who have attained high grades in law school or who have distinguished themselves in the teaching of law. . Mr. Mathas and his wife, Keryn, live in Armonk, New York Armonk is a census-designated place (CDP) located in the town of North Castle in Westchester County, New York. As of the 2000 census, the CDP population was 3,461.
Armonk is home to the headquarters of IBM. , with their three children.
Mr. Hildebrand joined New York Life as an agent in Arizona in 1975. He soon entered agency management and ran general offices in Scottsdale, Austin, San Diego and Dallas. In 1997, he transferred to the Home Office to run the Agency department, overseeing the operation and activities of the company's 10,000 licensed agents and 150 offices nationwide. In 2001, Mr. Hildebrand was named chief distribution officer for Life and Annuity, with the additional responsibility for product distribution through insurance brokers.
Mr. Hildebrand serves on the boards of New York Life Insurance Worldwide Ltd., the company's operation in Hong Kong, and New York Life Insurance Taiwan Corporation, the company's operation in Taiwan. He is a member of the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of the Million Dollar Round Table Foundation, and serves on the boards of several domestic New York Life entities.
Mr. Hildebrand attended Northern Arizona University Northern Arizona University (NAU) is a public university in Flagstaff, Arizona in the United States.
As of Fall 2007, the university has 21,352 students, 13,989 of these are situated in the main Flagstaff campus<ref name="Enrollment" />. , where he played varsity football. In 1998, the university honored him with the Alumni Achievement Award for outstanding professional accomplishments and community service. He has earned a Chartered Life Underwriter (CLU (language) CLU - (CLUster) An object-oriented programming language developed at MIT by Liskov et al in 1974-1975.
CLU is an object-oriented language of the Pascal family designed to support data abstraction, similar to Alphard. ) designation. Mr. Hildebrand resides in Purchase, New York Purchase, New York is a hamlet of the town of Harrison, in Westchester County. Its Zip code is 10577.
Purchase is home to Purchase College, which is part of the State University of New York system, Manhattanville College, a private liberal arts college, and the headquarters , with his wife, Wendy. They have three sons.
Mr. Wendlandt joined New York Life in 1999 from Massachusetts Mutual Life Insurance Company MassMutual Financial Group is the fleet name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliates, with more than 13 million clients and over $455 billion in assets under management at year-end 2006. , where he was executive vice president and chief investment officer. Mr. Wendlandt joined New York Life in 1999 as an executive vice president and was responsible for establishing the subsidiary, New York Life Investment Management LLC. He is a member of New York Life's Executive Management Committee. He joined Massachusetts Mutual Life Insurance Company as an actuarial student in 1972. After achieving positions of increasing responsibility in investment management and financial operations, Mr. Wendlandt was elected executive vice president in June 1992, and a year later was named chief investment officer.
Mr. Wendlandt is a Fellow of the Society of Actuaries Mission Statement
The Society of Actuaries is a professional organization for actuaries based in North America. Its headquarters are located in Schaumburg, Illinois. and a member of the American Academy of Actuaries The The American Academy of Actuaries, also known as the “Academy” or the AAA, is the body that represents and unites United States actuaries in all practice areas. . He is also an executive board member of the National Boy Scouts of America Noun 1. Boy Scouts of America - a corporation that operates through a national council that charters local councils all over the United States; the purpose is character building and citizenship training .
A native of Milwaukee, Wisconsin, Mr. Wendlandt earned a B.S. degree in Applied Mathematics and Computer Science from Washington University in St. Louis “Washington University” redirects here. For other uses, see Washington (disambiguation).
Washington University in St. Louis is a private, coeducational, research university located in St. Louis, Missouri. , Missouri. He is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries. Mr. Wendlandt and his wife, Peg, reside in New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . They have three grown children.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life's family of companies offers life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement planning services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Visit New York Life's Web site at www.newyorklife.com for more information.