New York Life names new president

New York Life Insurance Co. said on Tuesday that its chief operating officer, Theodore Mathas, would add president to his title as of July 1. Mr. Mathas, 40, takes over from Frederick Sievert, 59, who is retiring after 15 years with the insurance company, according to Crain's New York Business. Mr. Mathas joined New York Life in June 1995 as an officer in the Asset Management Department. Since then, he has served in several different capacities until being promoted to COO last July. For the past five years, he has been a member 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. He also serves on the board of Haier New York Life Insurance Ltd., the company’s joint venture in China. “In his new role Ted will assist me in the overall management of the company, while continuing his responsibilities as chief operating officer for all domestic and international operations,” said New York Life Chief Executive Sy Sternberg, in a statement. Founded in 1845, New York Life and its affiliates offer life insurance, retirement income, investments and long-term care insurance.