NY Life taps new CIO

New York Life Insurance Co. said today that John Kim, president and chief executive of the company's investment management arm, will become chief investment officer at the end of the year. Mr. Kim will replace Gary Wendlandt, who is retiring after 40 years of working in the insurance industry, including the past nine years at New York Life. Mr. Kim is currently president and CEO of New York Life Investment Management LLC and will continue in that role after assuming the CIO position. He will report to Ted Mathas, CEO of New York Life. Elvin Turner, managing director of Turner Consulting LLC, said Mr. Kim's experience at New York Life Investment Management makes him well-suited to oversee the company's insurance product portfolio. “It's not just a portfolio to support these ever-more-risky guarantees, but one that's designed to support a very strong and stable business,” Mr. Turner said. “You need someone who can understand that and invest to create stable returns in an unstable world.”