MassMutual Announces Promotions for Two Co-Chief Operating Officers

SPRINGFIELD, Mass., Nov. 21 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) today announced the promotions of its two Co-Chief Operating Officers.

-- Roger W. Crandall, Co-Chief Operating Officer, Executive Vice President and Chief Investment Officer, will assume the position of President of MassMutual from Stuart H. Reese, who remains Chairman and Chief Executive Officer. Additionally, Mr. Crandall will become sole Chief Operating Officer and join the company's Board of Directors. His role as Executive Vice President and Chief Investment Officer of MassMutual will be assumed by Thomas M. Finke, who also takes on Mr. Crandall's title as Chairman and CEO of MassMutual subsidiary Babson Capital Management LLC. These appointments are effective Dec. 1, 2008.

-- William F. Glavin Jr., Co-Chief Operating Officer and Executive Vice President, U.S. Insurance Group, MassMutual, has been appointed CEO of OppenheimerFunds, Inc., effective Jan. 1, 2009. In that role, he succeeds John V. Murphy, who will remain as Chairman of OppenheimerFunds until his retirement at the end of 2009. Succeeding Mr. Glavin as Executive Vice President and head of MassMutual's U.S. Insurance Group will be Michael R. Fanning, currently the group's Senior Vice President and Chief Operating Officer. Mr. Fanning's appointment is effective Dec. 1, 2008, and he will report directly to Mr. Crandall.

Both Mr. Crandall and Mr. Glavin -- who have served as Co-Chief Operating Officers since July 2007 -- will continue to report to Mr. Reese.

"At MassMutual, one of our top priorities is the professional development of our leaders, and these promotions reflect the demonstrated capabilities and proven expertise of both Roger and Bill. Over the course of his career, Roger has repeatedly exhibited tremendous investment expertise and leadership skills that have helped MassMutual maintain its fundamental financial strength, even during this time of unprecedented challenge in the markets. Bill has also proven his exceptional capabilities as a leader in the asset management business and in building strong financial services organizations," Mr. Reese said. "Roger and Bill are the ideal executives for these vital roles and I am confident they will continue to demonstrate outstanding leadership. MassMutual today has outstanding financial strength, a history of stability through turbulent times, and -- with our new leadership in place -- a future of continued success."

Mr. Reese added: "We congratulate Tom Finke and Mike Fanning on their new and expanded roles. They are seasoned, results-driven professionals with a broad range of experience and demonstrated capabilities. And we extend our thanks to John Murphy for his many contributions to our organization. John's knowledge and expertise is invaluable, and he is truly a respected leader in the industry. We are pleased to have him with us for the next year to ensure a smooth transition of leadership at OppenheimerFunds."

Roger W. Crandall

As newly appointed President at MassMutual, Mr. Crandall will assume additional responsibilities for the company's U.S. Insurance Group, Enterprise Technology Organization, and MassMutual International LLC. He will retain accountability for MassMutual's Retirement Services and Retirement Income businesses, and MassMutual subsidiaries Babson Capital and Baring Asset Management Limited.

Mr. Crandall joined MassMutual in 1988 and has held several leadership positions in the firm, including head of Corporate Bond Management, Public Bond Trading and Institutional Fixed Income. He has served as MassMutual's Chief Investment Officer and Babson Capital's Chairman since June 2005. He was named President and Chief Executive Officer of Babson Capital in March 2006.

Mr. Crandall holds a B.A. in economics from the University of Vermont, an M.B.A. from the University of Pennsylvania's Wharton School of Business, and is a member of the CFA Institute.

William F. Glavin, Jr.

Since March 2006, Mr. Glavin has been head of MassMutual's U.S. Insurance Group, which includes the distribution, marketing, product management, finance, compliance, and operations for all of MassMutual's insurance products sold in the U.S., including life insurance, disability income and long-term care insurance. He also has accountability for MML Investors Services, Inc., The MassMutual Trust Company FSB, and MassMutual's network of financial professionals throughout the U.S.

Prior to his current role, Mr. Glavin was President and CEO of Babson Capital. He joined the company in 2003 and was responsible for building and developing the firm's distribution, compliance, operations, systems and finance areas. Prior to Babson Capital, he was President of the Scudder Funds. In addition, he has held various senior management positions in sales and marketing at The Dreyfus Corporation, The Boston Company and State Street Bank and Trust Company. He holds a B.A. from the College of the Holy Cross.

Michael R. Fanning

Mr. Fanning joined MassMutual from MetLife in December 2006 as Senior Vice President and Chief Operating Officer of the U.S. Insurance Group, reporting to Mr. Glavin. In the last of several posts at MetLife, Mr. Fanning was Vice President of new individual business, where he was responsible for underwriting strategy, operations and medical departments. He holds a B.A. in economics and a B.A. in organizational behavior and management, both from Brown University.

Thomas M. Finke

Mr. Finke joined Babson Capital in June 2002 as part of the company's acquisition of First Union Institutional Debt Management (IDM), where he was Co-Founder and President. Prior to founding IDM, Mr. Finke started the Par Loan Trading Desk at First Union Securities. Before that, he was a Vice President at Bear, Stearns & Co. He holds a B.A. from University of Virginia's McIntire School of Commerce and an M.B.A. from Duke University's Fuqua School of Business. He also served as a member of the founding Board of Directors of the Loan Syndications and Trading Association.

John V. Murphy

Mr. Murphy, a respected leader in the financial services industry, joined OppenheimerFunds as President in August 2000 and has served as Chairman since July 2001. He serves as President of all Oppenheimer funds. Previously, he had been Executive Vice President of MassMutual and head of MassMutual's Retirement Services business. Mr. Murphy will remain as Chairman of OppenheimerFunds and as President of all Oppenheimer funds until his retirement at the end of 2009. He will also remain Chairman of the Investment Company Institute.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual and its subsidiaries had more than $500 billion in assets under management at year-end 2007. Assets under management include assets and certain external investment funds managed by MassMutual's subsidiaries.

Founded in 1851, MassMutual is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual's major affiliates include: OppenheimerFunds, Inc.; Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MML Investors Services, Inc., member FINRA and SIPC (http://www.finra.org and http://www.sipc.org); MassMutual International LLC and The MassMutual Trust Company, FSB. MassMutual is on the Internet at http://www.massmutual.com.

     MEDIA CONTACT:     Mark Cybulski     413-744-5427 

SOURCE MassMutual

CONTACT: Mark Cybulski of MassMutual, +1-413-744-5427