NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 Mutual life insurers announced today that the company’s board of directors has elected Chief Executive Officer (CEO) and President Craig DeSanto as the next chairman of the board, effective April 15, 2023. Mr. DeSanto, the 14thth Chairman since the position was created in 1931, succeeding current Chairman Ted Mathas, who retired last year after 14 years as CEO of New York Life.
Mr. DeSanto assumed the position of CEO of New York Life on April 16, 2022 and has served on the Company’s board of directors since February 2021.
“I am honored to serve our policyholders as the next Chairman of New York Life, succeeding Ted who has set a strong example of what it means to be a steadfast steward of our company,” said Mr. DeSanto. “Thanks to our reciprocity, superior financial strength, our unrivaled career matchmaking system and an outstanding, diverse team of dedicated agents and associates, we are exceptionally well positioned to continue to provide our clients with financial security and peace of mind.”
Thomas Schievelbein, Independent Lead Director of New York Life, said: “Ted has overseen a seamless transition to Craig as CEO and Chairman, and we thank him for his years of service to New York Life. The board unanimously agreed that Craig’s breadth of experience at the company and deep understanding of the industry positions him as the ideal executive to help craft the next chapter of New York Life.”
“Craig has proven he has the knowledge, experience and vision to continue New York Life’s tradition of delivering on the company’s commitments to policyholders and customers, agents and employees, and the communities in which we work and live fulfil,” said Mr. Mathas. “In his career, which has spanned more than two decades with the company, he has overseen all areas of the business and has achieved outstanding results, delivering strong results for the clients who place their trust in New York Life since being appointed CEO.”
Mr. DeSanto currently serves on the boards of directors of the American Council of Life Insurers and the Partnership for New York City.
ABOUT LIFE IN NEW YORK
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 Mutual life insurance in the United States and one of the largest life insurers in the world. Headquartered in New York City, the New York Life family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently assigned to a US life insurer by any of the four major rating agencies.2
1Based on revenue generated by “Fortune 500 ranking within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, 5/23/2022. For methodology information, see http://fortune.com/fortune500/.
2Individual comments from independent rating agencies from October 18, 2022: AM Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).