Massachusetts Mutual Life Insurance Co., one of the largest U.S. mutual life insurers, has named its top executive to the post of chairman of the board, capping a succession process that began a year ago.
The company said Roger Crandall, currently president and chief executive, would assume the chairmanship as of Dec. 28 this year. That's when he'll succeed Stuart H. Reese, who will retire as nonexecutive chairman and member of the board, a post he assumed in January 2007.
Crandall, who has been president and CEO since Jan. 1, will retain both titles, the company said. He was named Reese's successor as CEO in June 2009 (BestWire, June 22, 2009).
MassMutual, part of MassMutual Financial Group, is a mutually owned financial protection, accumulation and income management company, founded in 1851 and headquartered in Springfield, Mass. It has a career agency force of more than 4,600.
Crandall joined MassMutual in 1988 and held several positions in the company's Investment Management Department before joining Babson Capital Management LLC, a MassMutual subsidiary, where he ultimately served as chairman. He is a chartered financial analyst and holds an MBA from the Wharton School of Business at the University of Pennsylvania.
Reese was named president and CEO of MassMutual in June 2005, following the board's abrupt ouster of former Chairman and CEO Robert J. O'Connell for alleged improper conduct (BestWire, June 3, 2005).
MassMutual currently has a Best's Financial Strength Rating of A++ (Superior).