New York Life taps chief executive

New York Life Insurance Company president and chief operating officer Ted Mathas has been named the firm’s chief executive officer-elect and will succeed Sy Sternberg upon his retirement on June 30. Mr. Mathas, who has served with New York Life since 1995, will become the 18th CEO in the New York-based company's 163-year history. Since 2002, Mr. Mathas has been a member of New York Life’s Executive Management Committee and also serves on the board of Haier New York Life Insurance Ltd. — the company's joint venture in China — as well as on the board of the American Council of Life Insurers. Mr. Sternberg, who will remain chairman of the board of directors in a non-executive capacity for a transition period, has been with New York Life since 1989 and became chairman and CEO on April 1, 1997. During his tenure with New York Life, Mr. Sternberg was appointed by President Bill Clinton to the Asia-Pacific Economic Cooperation business advisory council and also served as chairman of the American Council of Life Insurers in 2000 and 2001.