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New York Life Chief Executive Officer and President Craig DeSanto to Become Chair of the Board
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New York Life has appointed Craig DeSanto as the new Chair of the Board, effective April 15, 2023, succeeding Ted Mathas. DeSanto has served as CEO since April 16, 2022 and brings over two decades of experience to the role. The Board expressed unanimous support for his leadership, highlighting his industry knowledge and previous success at New York Life. The company, established in 1845, remains the largest mutual life insurer in the U.S. with top financial strength ratings.
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NEW YORK--(BUSINESS WIRE)--
New York Life, America’s largest1 mutual life insurer, today announced that the company’s Board of Directors has elected Chief Executive Officer (CEO) and President Craig DeSanto as the next Chair of the Board, effective April 15, 2023. Mr. DeSanto, who will be the company’s 14th Chair since the position was established in 1931, will succeed current Chair Ted Mathas who retired as New York Life’s CEO last year after serving in the role for 14 years.
Mr. DeSanto assumed New York Life’s CEO position on April 16, 2022 and has served as a member of the company’s Board of Directors since February 2021.
“I am honored to serve our policy owners as New York Life’s next Chair and to succeed Ted, who set a powerful example for what it means to be an unwavering steward of our company,” said Mr. DeSanto. “Thanks to our mutuality, superior financial strength, unrivaled career agency system, and an outstanding, diverse team of dedicated agents and employees, we are exceptionally well-positioned to continue to provide financial security and peace of mind to our clients.”
Thomas Schievelbein, New York Life’s independent Lead Director, said, “Ted oversaw a seamless transition to Craig as CEO and Chair and we thank him for his many years of service to New York Life. The Board of Directors unanimously agreed that Craig’s breadth of experience at the company and his deep understanding of the industry position him as the ideal leader to help author New York Life’s next chapter.”
“Craig has proven he has the knowledge, experience, and vision to further New York Life’s tradition of delivering on the company’s commitments to policy owners and clients, agents and employees, and the communities where we work and live,” said Mr. Mathas. “In a career that spans more than two decades with the company, he has overseen and produced outstanding results across the businesses and, since being named CEO, has delivered strong results on behalf of the clients who place their trust in New York Life.”
Mr. DeSanto currently serves on the boards of the American Council of Life Insurers and the Partnership for New York City.
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 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, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.2
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 5/23/2022. For methodology, please see http://fortune.com/fortune500/.
2Individual independent rating agency commentary as of 10/18/2022: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
Who is the new Chair of New York Life as of April 2023?
Craig DeSanto has been elected as the new Chair of the Board of New York Life, effective April 15, 2023.
When did Craig DeSanto become CEO of New York Life?
Craig DeSanto became the CEO of New York Life on April 16, 2022.
What is New York Life known for?
New York Life is known as the largest mutual life insurance company in the United States and has the highest financial strength ratings.
How long did Ted Mathas serve as CEO of New York Life?
Ted Mathas served as CEO of New York Life for 14 years before retiring.
What is the significance of Craig DeSanto's appointment?
Craig DeSanto's appointment as Chair marks a continuation of leadership and stability at New York Life, as he has a deep understanding of the company and the industry.
