New York Life names Frederick J. Sievert vice chairman.NEW YORK--(BUSINESS WIRE)--Nov. 20, 1996-- Sievert sie·vert n. 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 and Richard M. Kernan Jr. elected to board of directors Frederick J. Sievert has been elected vice chairman and a member of the Board of Directors of 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.[3] and Richard M. Kernan Jr. has been elected a member of the board, 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 Life's chairman and chief executive officer, Harry G. Hohn, announced today. Both men continue as members of the company's executive management committee, which is responsible for establishing management policies in all areas of New York Life's business and affairs, and they will continue to report to chairman-elect Sy Sternberg. The elections bring to 18 the number of seats on New York Life's board. Sievert, 48, an executive vice president at New York Life since 1995, will now oversee all of the individual insurance activities of the nation's fourth largest life insurance company, including the Individual Life, Individual Annuity, Individual Policyholder Services, Financial Management and Sales and Marketing Departments. Kernan, 55, has served as executive vice president and chief investment officer of New York Life since 1995. He will continue as the insurer's top investment executive with overall responsibility for coordinating its corporate investment policies. "Fred Sievert and Dick Kernan have both played pivotal roles in New York Life's growth and success in recent years as we transformed ourselves into a fully diversified life insurance company," Hohn said. "Their unparalleled talent and expertise will continue to be instrumental as New York Life enters the challenging waters of the next century." Prior to joining New York Life in 1992 as senior vice president and chief financial officer for individual operations, Sievert was senior vice president in charge of individual insurance operations and a member of the Board of Directors of Royal Maccabees Life Insurance Company. He currently serves as chairman of New York Life of Arizona and a member of the board of New York Life Insurance and Annuity Corp., NYLCare Health Plans Inc., and Express Scripts Inc., New York Life's publicly traded pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. subsidiary. 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. , Sievert has served on a number of industry committees and task forces, including the Life Insurance Committee of the Actuarial Standards Board and The Conference Board's Council of 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. CFOs. Sievert holds a BA degree from Amherst College Amherst College, at Amherst, Mass.; founded 1821 as a college for men, coeducational since 1975. A liberal arts institution, Amherst maintains a cooperative program with Smith College, Mount Holyoke College, Hampshire College, and the Univ. of Massachusetts. and an MA from Wayne State University Wayne State University, at Detroit, Mich.; state supported; coeducational; established 1956 as a successor to Wayne Univ. (formed 1934 by a merger of five city colleges). . He lives in New Canaan, Conn., with his wife Susan, and their five children. Kernan joined New York Life as an investment analyst in 1968. After a series of promotions, he was named vice president in charge of the investment department in 1983 and senior vice president a year later. In 1989 he gained additional responsibility for New York Life's Treasury and Economic Research Departments and New York Life International Investment Inc. He was elected executive vice president in 1991, and later became responsible for New York Life Worldwide Holding Inc. as well as the company's Mergers & Acquisitions and Mortgage Finance Departments. Kernan currently serves as a director of Express Scripts Inc., Greystone Realty, MacKay Shields Financial Corp., NYLCare Health Plans Inc., and New York Life Insurance and Annuity Corp. He also serves as chairman of NYLIFE Inc. and New York Life Insurance Worldwide Ltd., chairman, chief executive and president of New York Life International Investment Inc., and chairman, chief executive and director of the MainStay VP Series Fund Inc. Kernan holds BS and MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration degrees from Seton Hall University Seton Hall University is a private Roman Catholic university located 14 miles from Manhattan in historic South Orange, New Jersey. Founded in 1856 by Archbishop James Roosevelt Bayley, Seton Hall is the oldest diocesan university in the United States. and is a member of the American Council of Life Insurance Investment Committee. He and his wife, Barbara, have two children and reside in Holmdel, N.J. New York Life Insurance Company, a Fortune 100 company, is one of the largest financial services companies in the United States and the world. Founded in 1845 and headquartered 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. , New York Life concentrates on insurance and investment services. On the insurance side, New York Life and its affiliates offer traditional life and group insurance, annuities, and managed health care. On the investment side, New York Life and its affiliates provide institutional asset management and trust services and, through a broker-dealer subsidiary, NYLIFE Distributors Inc. provide securities products and services such as institutional and retail mutual funds, including 401(k) products. CONTACT: New York Life Insurance Bill Werfelman, 212/576-5385 or Edelman Worldwide Jon Goldberg, 212/704-8115 |
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