US domiciled mutual life insurer, New York Life has announced that Craig DeSanto has taken over as the company’s Chief Executive Officer (CEO).
DeSanto was named CEO-elect in November 2021, after serving as a member of New York Life’s Board of Directors since February 2021, and as New York Life’s president, a title he will retain, since July 2020.
This promotion marks DeSanto as the 19th Chief Executive in the company’s 177-year history.
DeSanto succeeds Ted Mathas, who served as New York Life’s CEO for nearly fourteen years. However, Mathas will remain chairman of the board in a non-executive capacity.
DeSanto joined New York Life in 1997 as an actuarial summer intern and was promoted into roles of increasing responsibility across the company’s finance and business operations, which included leading the institutional and individual life insurance businesses.
In 2015 he was appointed leader of the company’s strategic businesses, where he strengthened and further diversified a portfolio of businesses that complement and support the company’s core retail insurance business.
Other highlights from DeSanto’s career at New York Life include, in 2018 when he assumed oversight for New York Life’s top-ranked retail annuity business line. In 2019, he added oversight of New York Life Investment Management (NYLIM), the company’s multi-boutique third-party asset management business.
In addition, in 2020 DeSanto led the effort to close the acquisition of Cigna’s Group Life and Disability business, now known as New York Life Group Benefit Solutions. The acquisition was the largest in New York Life’s history.
Addressing his promotion, DeSanto said: “I am honoured to have the confidence of New York Life’s Board of Directors and to succeed Ted as the next steward of the company. “Having built my entire career at New York Life, I have a deep appreciation for our 177-year track record of enduring success in providing financial security and peace of mind to our policy owners and clients.
“Our historic period of growth under Ted’s leadership capitalized on our mutuality, superior financial strength, unrivalled career agency system, and our outstanding, diverse team of dedicated agents and employees. As a result, we are exceptionally well-positioned to continue to provide the trusted advice and guidance our clients expect from us and to always be there when we are needed the most.”
Mathas added: “Craig is a proven leader and is highly qualified 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.
“In a career that spans more than two decades with New York Life, he has held leadership roles and produced outstanding results in virtually every line of business. He has a clear vision for building on our company’s success, anchored by a steadfast commitment to our mission, purpose, and values.”
