The board of directors of MetLife, Inc. (NYSE: MET) announced
today that Executive Vice President and Chief Investment Officer
Steven A. Kandarian will become MetLife’s president and chief
executive officer on May 1, 2011. He also will be nominated for
election to the MetLife board at the company’s annual shareholder
meeting in April. C. Robert Henrikson, who in 2012 will reach
MetLife’s executive management mandatory retirement age, will
continue to serve as chairman of the board during a transition
period through year-end 2011.
The board of directors of MetLife, Inc.
(NYSE: MET) announced that Executive Vice President and Chief
Investment Officer Steven A. Kandarian will become MetLife's
president and chief executive officer on May 1, 2011. (Photo:
Business Wire)
“During his six years at MetLife, Steve has overseen the
strengthening and further diversification of MetLife’s $450 billion
portfolio and made significant contributions to the development and
execution of MetLife’s strategic initiatives,” said MetLife Board
Lead Director Cheryl W. Grisé, who headed the board’s year-long
succession planning activity. “The board undertook an extensive
process, which included a review of internal and external
candidates, and we’re confident that Steve’s wealth of experience
and industry knowledge make him well suited to serve as MetLife’s
next CEO. His deep understanding of MetLife’s risk management
culture and businesses make him the ideal person to take MetLife to
the next level of global success.
“Rob has been an exceptional leader for MetLife. We are
enormously appreciative of all that he has contributed to the
company in his nearly 40 years of service and the board looks
forward to continuing to work with him throughout the transition
period,” added Grisé.
C. Robert Henrikson said, “Having worked closely with Steve over
the years, I have great confidence in his ability to lead MetLife
into a new era of global growth and outstanding performance. He has
demonstrated inspirational leadership on critical company
initiatives and clearly understands the importance of delivering
value to all of our stakeholders – attributes that will make him a
great CEO.”
Steven A. Kandarian stated, “This is an exciting time for
MetLife, and I’m honored to have been chosen to lead this premier
global franchise. Under Rob’s leadership, MetLife has not only
weathered one of the most challenging economic periods in history,
but has emerged with enhanced operational and financial strength,
and a greatly expanded platform for capitalizing on life, annuity
and retirement market opportunities around the world. We are
proceeding on plan with the integration of Alico while maintaining
our focus on disciplined growth, margin improvement and return on
equity expansion. I look forward to continuing to work closely with
Rob, the entire management team and our exceptionally talented and
dedicated employees and distribution partners.”
Kandarian, 59, joined MetLife as the company’s chief investment
officer in April 2005. As CIO, he has enhanced the company’s focus
on effective risk management and diversified its investment
portfolio, in part through the $5.4 billion sale of Peter Cooper
Village/Stuyvesant Town in 2006. Under Kandarian’s leadership,
MetLife identified the housing bubble early and reduced the
company’s exposure to sub-prime mortgage-backed securities, raised
the overall quality of its corporate credit portfolio and increased
its focus on low loan-to-value commercial and agricultural
mortgages.
In 2007, he oversaw a comprehensive review of MetLife’s
strategic initiatives, which resulted in the identification of key
areas of focus for MetLife to achieve revenue growth and expense
savings. In 2009, Kandarian assumed responsibility for MetLife’s
global brand and marketing services department.
Prior to joining MetLife, Kandarian was the executive director
of the Pension Benefit Guaranty Corporation (PBGC) from 2001 to
2004. Before joining the PBGC, Kandarian was founder and managing
partner of Orion Partners, LP. From 1990 to 1993, he served as
president and founder of Eagle Capital Holdings and, prior to that,
served as managing director of Lee Capital Holdings, a private
equity firm based in Boston. Kandarian is a board member of MetLife
Bank and the Damon Runyon Cancer Research Foundation. He also is a
member of the Economic Club of New York and is an advisory board
member of the Center for Retirement Research at Boston College. He
received a B.A. from Clark University, a J.D. from Georgetown
University Law Center, and a M.B.A. from Harvard Business
School.
Henrikson, 63, has served as chairman, president and chief
executive officer of MetLife since 2006. He has led MetLife to
achieve record financial results, and with the acquisition of
Alico, completed in November 2010, positioned the company for
further growth as an insurance and employee benefits powerhouse by
expanding its presence to more than 60 countries. During his career
at MetLife, Henrikson has held numerous executive positions,
including president and COO, where he oversaw all of MetLife’s
revenue-generating businesses, from 2004 to 2006, and president of
MetLife’s U.S. Insurance and Financial Services businesses from
2002 to 2004.
Henrikson began his career at MetLife as a sales representative
in 1972, and held roles of increasing breadth and responsibility,
heading up the pensions business, group insurance and retirement
and savings businesses, and both group and individual businesses at
MetLife. He received his B.A. degree from the University of
Pennsylvania and his J.D. degree from Emory University School of
Law. In addition, he is a graduate of the Wharton School’s Advanced
Management Program.
Additional Information
Shareholders and investors are urged to read the definitive
proxy statement for MetLife's 2011 annual meeting of
shareholders when it becomes available because it will contain
important information. MetLife filed a preliminary proxy
statement with the SEC on March 8, 2011. You may obtain copies of
the proxy statement, as well as other filings containing
information about MetLife, free of charge, at the website
maintained by the SEC at www.sec.gov. Copies of the definitive
proxy statement, when it becomes available, can also be obtained,
free of charge, by directing a request to MetLife Investor
Relations, MetLife, Inc., 1095 Avenue of the Americas, New York, NY
10036, or by calling 1-800-753-4904. The definitive proxy statement
when it becomes available may also be accessed on the Internet at
http://investor.metlife.com by selecting Financial Information, SEC
Filings, MetLife, Inc. > View SEC Filings.
Participants in the
Solicitation
MetLife and its directors, nominees for director and
executive officers may be deemed participants in the
solicitation of proxies from MetLife’s shareholders with respect to
the annual meeting of shareholders. Information about the company’s
directors, nominees for director and executive
officers and their respective direct and
indirect interests is included in the preliminary proxy
statement and will be included in the definitive proxy statement
when it becomes available.
About MetLife
MetLife, Inc. is a leading global provider of insurance,
annuities and employee benefit programs, serving 90 million
customers in over 60 countries. Through its subsidiaries and
affiliates, MetLife holds leading market positions in the United
States, Japan, Latin America, Asia Pacific, Europe and the Middle
East. For more information, visit www.metlife.com.
This press release may contain or incorporate by reference
information that includes or is based upon forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements give expectations or
forecasts of future events. These statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” “continue,” “will,” and
other words and terms of similar meaning in connection with a
discussion of future operating or financial performance. In
particular, these include statements relating to future actions,
prospective services or products, future performance or results of
current and anticipated services or products, sales efforts,
expenses, the outcome of contingencies such as legal proceedings,
trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong.
They can be affected by inaccurate assumptions or by known or
unknown risks and uncertainties. Many such factors will be
important in determining the actual future results of MetLife,
Inc., its subsidiaries and affiliates. These statements are based
on current expectations and the current economic environment. They
involve a number of risks and uncertainties that are difficult to
predict. These statements are not guarantees of future performance.
Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties,
and other factors that might cause such differences include the
risks, uncertainties and other factors identified in MetLife,
Inc.’s filings with the U.S. Securities and Exchange Commission
(the “SEC”). These factors include: (1) difficult conditions in the
global capital markets; (2) increased volatility and disruption of
the capital and credit markets, which may affect our ability to
seek financing or access our credit facilities; (3) uncertainty
about the effectiveness of the U.S. government’s programs to
stabilize the financial system, the imposition of fees relating
thereto, or the promulgation of additional regulations; (4) impact
of comprehensive financial services regulation reform on us; (5)
exposure to financial and capital market risk; (6) changes in
general economic conditions, including the performance of financial
markets and interest rates, which may affect our ability to raise
capital, generate fee income and market-related revenue and finance
statutory reserve requirements and may require us to pledge
collateral or make payments related to declines in value of
specified assets; (7) potential liquidity and other risks resulting
from our participation in a securities lending program and other
transactions; (8) investment losses and defaults, and changes to
investment valuations; (9) impairments of goodwill and realized
losses or market value impairments to illiquid assets; (10)
defaults on our mortgage loans; (11) the impairment of other
financial institutions that could adversely affect our investments
or business; (12) our ability to address unforeseen liabilities,
asset impairments, loss of key contractual relationships, or rating
actions arising from acquisitions or dispositions, including our
acquisition of American Life Insurance Company and Delaware
American Life Insurance Company (collectively, “ALICO”) and to
successfully integrate and manage the growth of acquired businesses
with minimal disruption; (13) uncertainty with respect to the
outcome of the closing agreement entered into with the United
States Internal Revenue Service in connection with the acquisition
of ALICO; (14) uncertainty with respect to any incremental tax
benefits resulting from the planned elections for ALICO and certain
of its subsidiaries under Section 338 of the U.S. Internal Revenue
Code of 1986, as amended; (15) the dilutive impact on our
stockholders resulting from the issuance of equity securities in
connection with the acquisition of ALICO or otherwise; (16)
economic, political, currency and other risks relating to our
international operations, including with respect to fluctuations of
exchange rates; (17) our primary reliance, as a holding company, on
dividends from our subsidiaries to meet debt payment obligations
and the applicable regulatory restrictions on the ability of the
subsidiaries to pay such dividends; (18) downgrades in our claims
paying ability, financial strength or credit ratings; (19)
ineffectiveness of risk management policies and procedures; (20)
availability and effectiveness of reinsurance or indemnification
arrangements, as well as default or failure of counterparties to
perform; (21) discrepancies between actual claims experience and
assumptions used in setting prices for our products and
establishing the liabilities for our obligations for future policy
benefits and claims; (22) catastrophe losses; (23) heightened
competition, including with respect to pricing, entry of new
competitors, consolidation of distributors, the development of new
products by new and existing competitors, distribution of amounts
available under U.S. government programs, and for personnel; (24)
unanticipated changes in industry trends; (25) changes in
accounting standards, practices and/or policies; (26) changes in
assumptions related to deferred policy acquisition costs, deferred
sales inducements, value of business acquired or goodwill; (27)
increased expenses relating to pension and postretirement benefit
plans, as well as health care and other employee benefits; (28)
exposure to losses related to variable annuity guarantee benefits,
including from significant and sustained downturns or extreme
volatility in equity markets, reduced interest rates, unanticipated
policyholder behavior, mortality or longevity, and the adjustment
for nonperformance risk; (29) deterioration in the experience of
the “closed block” established in connection with the
reorganization of Metropolitan Life Insurance Company; (30) adverse
results or other consequences from litigation, arbitration or
regulatory investigations; (31) inability to protect our
intellectual property rights or claims of infringement of the
intellectual property rights of others, (32) discrepancies between
actual experience and assumptions used in establishing liabilities
related to other contingencies or obligations; (33) regulatory,
legislative or tax changes relating to our insurance, banking,
international, or other operations that may affect the cost of, or
demand for, our products or services, impair our ability to attract
and retain talented and experienced management and other employees,
or increase the cost or administrative burdens of providing
benefits to employees; (34) the effects of business disruption or
economic contraction due to terrorism, other hostilities, or
natural catastrophes, including any related impact on our disaster
recovery systems and management continuity planning which could
impair our ability to conduct business effectively; (35) the
effectiveness of our programs and practices in avoiding giving our
associates incentives to take excessive risks; and (36) other risks
and uncertainties described from time to time in MetLife, Inc.’s
filings with the SEC.
MetLife, Inc. does not undertake any obligation to publicly
correct or update any forward-looking statement if we later become
aware that such statement is not likely to be achieved. Please
consult any further disclosures MetLife, Inc. makes on related
subjects in reports to the SEC.
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