The Guardian Life Insurance Company of America announced today that Andrew McMahon, an industry veteran and head of the company's largest business, has been elected President by its Board of Directors.
Mr. McMahon's appointment is part of Guardian's regular succession planning process and is effective January 1, 2020. He will continue to report to Guardian Chief Executive Officer Deanna Mulligan as he directly oversees Guardian's lines of business.
Mr. McMahon, who joined Guardian in 2017, moves from his role as executive vice president of Individual Markets, Enterprise Strategy and Customer Development. There, he oversaw Guardian's life insurance, disability, annuities and wealth management products and services. He was also responsible for enterprise strategy, corporate development, GIS Strategic Ventures LLC, mergers and acquisitions, and the company's digital consumer experience, including Guardian Direct.
Mr. McMahon has a history of innovation and leadership in the industry, having launched and strategically advised several InsurTech companies. He is also a former executive with AXA, General Electric and McKinsey.
"Andrew is a dynamic leader and a valued partner. His deep knowledge of the industry will be essential as we continue to optimize our company for a changing environment," Ms. Mulligan said. "In his new role, Andrew will support me in driving the One Guardian strategy and work closely with our other leaders to enhance performance and accelerate growth."
"I am excited to take on my new role at a pivotal time in our company and our industry," Mr. McMahon said. "In an increasingly challenging business environment, it is imperative that we build on our strong foundation and further differentiate ourselves in the marketplace. We have the key ingredients for competitive advantage: high-value products and services, a trusted brand, and strong leadership. I look forward to continuing to work with Deanna and thank her and the Board of Directors for this opportunity."
With Mr. McMahon's appointment to President, the company announced the following executive changes, also effective January 1, 2020:
Michael Ferik will move from his role as Guardian's Chief Financial Officer to lead the Individual Markets business. Mr. Ferik brings a proven track record of success and a wealth of experience to the position, including previously running the Individual Markets business.
Kevin Molloy will be stepping into the Chief Financial Officer role. Mr. Molloy currently serves as senior vice president and Chief Financial Officer for the Individual Markets business. His appointment recognizes his deep expertise and record of results in the insurance business, notably with AXA.
"We are very fortunate to have a deep bench of talented executives at Guardian," Ms. Mulligan said. "I want to sincerely thank and congratulate those leaders who are stepping up to the challenge and taking on new leadership roles."
Every day, Guardian provides Americans the security they deserve through our insurance and wealth management products and services. Since our founding in 1860, our long-term view has helped our customers prepare for whatever life brings whether starting a family, planning for the future or taking care of employees. Today, we're a Fortune 250 mutual company and a leading provider of life, disability, dental, and other benefits for individuals, at the workplace and through government sponsored programs. The Guardian community of 9,500 employees and our network of over 2,700 financial representatives is committed to serving with expertise when, where and how our clients need us. Our commitments rest on a strong financial foundation, which at year-end 2018 included $8.5 billion in capital and $1.6 billion in operating income. For more information, please visit www.guardianlife.com or follow us on Facebook, LinkedIn, Twitter and YouTube.