Executive Changes in the Insurance World

With summer in full swing, it’s time to look back at some of the recent executive changes at life and annuity insurers.

Life and annuity company executive changes are often, though not exclusively, announced in the spring and frequently coincide with annual shareholder meetings and company presentations to Wall Street analysts.

Think of it as the corporate equivalent of household “spring cleaning.”

It always pays to keep an eye on who’s moving where — you never know where people will turn up.

With that in mind, we thought it was important to know about the men and women who are going to be making key decisions around life, annuity and retirement business lines over the next 12 months or longer.

The information is condensed from press releases posted on company websites.

CNO Financial: Gary C. Bhojwani

CNO Financial Group announced that on Dec. 31, longtime CEO Edward J. Bonach, 63, will retire from the position, as well as from the board of directors.

CNO President Gary C. Bhojwani, 49, will succeed Bonach on Jan. 1, 2018, and will continue as president until the transition is complete. Bhojwani joined the board effective May 16.

“I'm tremendously excited for this opportunity,” Bhojwani said. "I strongly believe that CNO is uniquely qualified to meet the needs of the middle-income market, our people are extremely talented, and our future is bright.”

Before joining CNO in 2016, Bhojwani served as a member of the board of management at Allianz SE, chairman of Allianz of America, Allianz Life Insurance Company, and Fireman's Fund Insurance Company from 2012 to 2015.

From 2007 to 2012, he served as president and CEO of Allianz Life Insurance Co. of North America.

CNO Financial: Matt Mikulcik

On May 8, CNO announced the promotion of Matt Mikulcik to vice president of product marketing. He will be responsible for the strategic direction of CNO’s distribution partnerships, market intelligence, and product positioning and promotion, the company said.

"Matt brings deep insight and knowledge of our customer base and proven strength in developing and implementing marketing solutions for key businesses," said Gerardo Monroy, chief marketing officer of CNO.

Mikulcik joined CNO in 2012 as director of direct marketing and analytics, and most recently held the position of senior director of marketing and enterprise data analytics, the company said.

Before joining CNO, he spent more than six years at BMO Financial Group in leadership positions, most recently as vice president, head of marketing strategy and campaign management.

Mikulcik holds a master’s degree in applied statistics from DePaul University and a bachelor’s degree in economics and risk management from Illinois Wesleyan University.

MetLife: Michel Khalaf

Michel Khalaf, president of MetLife’s Europe, Middle East and Africa (EMEA) region, was appointed president of the U.S. Business July 1, MetLife announced.

Khalaf joined MetLife in 2010 through the company’s acquisition of Alico and has been president of the EMEA business since November 2011.

“Michel has been a tremendous asset to MetLife, helping to ensure the successful integration of Alico, managing EMEA with a strong focus on value creation and expense discipline, and serving as a trusted adviser on the Executive Group,” said MetLife Chairman, President and CEO Steven A. Kandarian.

With Khalaf relocating to New York, MetLife Senior Vice President Eric Clurfain will oversee the EMEA region and report to Khalaf, the company said.

Khalaf takes over for Maria Morris, interim head of the U.S. Business and head of Global Employee Benefits. Morris will retire from MetLife in the fall after 33 years, the company said.

MetLife: Marty Lippert

MetLife veteran Marty Lippert, the company’s head of global technology and operations, will assume responsibility for MetLife Holdings, which contains the closed-block business of the company’s former U.S. retail segment, the company said.

Senior Vice President Frank Cassandra, who manages the MetLife Holdings segment, will report to Lippert.

“Marty has been an exceptional leader for MetLife in both the technology and operations components of his job and in leading the company’s digital strategy,” Kandarian said.

Technology is considered a vital tool in managing the company’s closed block book of business.

MetLife: Ramy Tadros

MetLife announced the appointment of new Chief Risk Officer Ramy Tadros, who joins MetLife from Oliver Wyman in September.

At Oliver Wyman, Tadros is a partner, Global Head of Insurance, and member of the firm’s operating committee, MetLife said.

Tadros has more than 19 years of experience in the insurance industry across strategy, distribution, product, risk and finance. He succeeds Chief Risk Officer Stan Talbi.

Talbi, who held several high-level positions at the company, will retire at the end of August after 43 years, MetLife said.

Lincoln Financial: Randal Freitag

Lincoln Financial CFO Randal J. Freitag has assumed oversight responsibility for Lincoln Financial Group’s Life Insurance business, the company announced.

“Randy’s broad background and range of industry experience position him well to oversee our Life Insurance business,” said Dennis R. Glass, president and CEO of Lincoln Financial in a news release.

Freitag joined Lincoln Financial in 1995.

Prior to his appointment as CFO in 2011, he served as chief risk officer responsible for enterprise risk management, capital and liquidity management, equity risk management and treasury, the company said.

During his tenure, Freitag was also vice president of product risk and profitability management for the Individual Life and Annuities businesses.

In that role, his areas of responsibility included financial management, asset liability and variable annuity hedging management.

Lincoln Financial: Matthew Condos

On June 20, Matthew Condos was named vice president of product management for its Retirement Plan Services business, Lincoln Financial announced.

Condos brings experience in product development and knowledge depth across defined contribution and stable value product lines. He will report directly to Ralph Ferraro, senior vice president, head of product, the company said.

“As the Retirement Plan Services business continues to grow in non-profit, government, and 401(k) markets, Matt will focus on leading product and business development in conjunction with our market heads to ensure we are providing consultants, plan sponsors, and advisors with products that help drive positive outcomes,” Ferraro said.

Condos previously served as senior vice president, guaranteed products, with Voya Financial, where he oversaw product development and product management teams.

Earlier in his career, he held positions with Keefe, Bruyette & Woods, and Hartford Life Insurance.

Lincoln Financial: Tim Seifert

Tim Seifert has been named head of annuity sales, a new position, reporting to John Kennedy, senior vice president and head of retirement solutions distribution, Lincoln Financial announced.

Seifert will lead sales for Lincoln Financial’s annuity distribution business, and focus on fostering partnerships between wholesalers and advisors, the company said.

“His deep industry knowledge will strengthen the success of wholesalers’ ability to interact with financial advisors to help them find solutions for clients’ needs,” Kennedy said in a news release.

Seifert joined Lincoln Financial in 2014 to lead small market sales for the Retirement Plan Services business.

Before joining Lincoln Financial, he served as head of annuity sales at Prudential Financial.

Before coming aboard at Prudential, he spent 23 years at PLANCO Financial Services Group, a wholly owned subsidiary of The Hartford, where he was responsible for sales of annuities, mutual funds, 401(k), and 529 plans.

Jackson National: Richard White

Richard White has been appointed senior vice president of government relations for Jackson National Life Insurance, the company announced July 10.

White will be responsible for the direction of the company’s government relations efforts at the local, state and federal levels, as well as collaborating with industry leaders and members of the National Association of Insurance Commissioners, the company said.

In this role, White will oversee Jackson’s public policy initiatives and help the company with policy direction, regulatory requirements and advocacy strategies.

He will be based in Washington, D.C. and report to Barry Stowe, chairman and CEO of the North American Business Unit of Prudential Plc., Jackson’s parent company.

White will also report to Jackson National Executive Vice President and CFO Chad Myers, who has responsibility for the company’s overall government relations efforts, the company said.

White worked previously with Jackson as a consultant managing congressional relationships where the company has offices, the company said.

He brings more than 29 years of public policy, government relations and advocacy leadership experience to Jackson, most recently as a partner at Thorn Run Partners.

White worked in the White House under former President George H.W. Bush and in the U.S. Senate for the late Sen. John H. Chafee of Rhode Island.

He has also managed and held senior roles in federal and state political campaigns.

Prudential Plc. is an international financial services company based in London and unrelated to Prudential Financial.

Prudential Financial: Dianne Bogoian

Dianne Bogoian has been named senior vice president and head of product for Prudential Annuities, where she is responsible for product development and product management, Prudential Financial announced in May.

Bogoian reports to Lori Fouché, president of Prudential Annuities, and is a member of Fouche’s senior leadership team.

“As we enhance focus on product initiatives and strengthen our go-to-market capabilities, Dianne’s wealth of experience will help us realize our 2017 plans and beyond,” said Fouché in a news release.

Bogoian brings more than 20 years of financial services experience to Prudential. At Voya Financial, she held several positions, including senior vice president of retirement product.

Bogoian began her career as an actuarial student for Aetna in 1993.

Bogoian attained a fellowship designation with the Society of Actuaries in 2000 and is a member of the American Academy of Actuaries.

Prudential Financial: Phil Waldeck

On May 8, Phil Waldeck was named president and CEO of Prudential Retirement, a division of Prudential Financial.

Waldeck succeeds Christine Marcks, who retired after more than 13 years of service, 10 of which were in the role of president and CEO. He took office June 5.

Waldeck is “a passionate advocate for retirement security,” said Steve Pelletier, chief operating officer of Prudential’s U.S. businesses.

Waldeck, who has more than 30 years of experience, joined Prudential in April 2004 as part of its acquisition of Cigna’s retirement business.

He leads Prudential Retirement’s Investment & Pension Solutions business where he pushed to innovate and develop products for domestic and international markets across the pension risk transfer, longevity reinsurance, structured settlements and stable value businesses, the company said.

Yanela Frias will succeed Waldeck as head of Investment & Pension Solutions, the company said.

She was most recently Prudential Retirement’s head of structured settlements and previously served as Prudential Annuities’ chief financial officer, the company said.

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].

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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].