The Penn Mutual Life Insurance Company announced today that, effective January 1, 2022, David O'Malley will serve as the company's president and chief executive officer as part of a planned succession process. Eileen McDonnell, current chairman and chief executive officer, will assume the role of executive chairman of the Penn Mutual board of trustees.
McDonnell was named chief executive officer in 2011 and chairman in 2013 after joining the company as chief marketing officer in 2008. During her tenure, she successfully led meaningful strategic investments in distribution growth, product and service innovations, marketing and brand awareness and advancement of a high trust workplace culture.
This strategy proved beneficial for policyholders as the organization saw significant revenue growth as a result. During this time, The Penn Mutual Life Insurance Company moved into the Fortune 1000 and is currently ranked 649 on Fortune's 2020 list of Top US Companies. During McDonnell's tenure as chief executive officer, assets of the company grew from $14.5 billion to $35 billion.
"It has been my honor to serve as chief executive officer for Penn Mutual," said McDonnell. "The company is strong and well-positioned for the future. Dave is a 25+ year veteran with the company who has a deep knowledge of the industry and an unwavering commitment to our policyholders and our people. Dave and I have worked side by side for more than a decade and he is the natural successor to provide continuity and steady leadership. Dave and I will now work together to ensure a seamless transition and continue to provide great value to our policyholders."
"Today is an exciting day for both Dave and Eileen," said Robert H. Rock, lead trustee of the Penn Mutual board of trustees. "We are so grateful to Eileen for her immense contributions to the company. And we are thrilled to announce Dave will be succeeding her. Today's announcement represents the culmination of multiple years of planning. Dave has grown his career at Penn Mutual, demonstrating an exceptional track record for operational execution, financial control and risk management, while providing strong thought leadership in the financial services industry. The board of trustees has full confidence that he is the ideal candidate to lead Penn Mutual."
O'Malley began his career with Penn Mutual in 1994 as an intern in the company's investment department. His expertise in investments and risk management has been instrumental in managing the company's balance sheet. In O'Malley's most recent role as president and chief operating officer, he has had overall responsibility for all of the company's operating areas. O'Malley became a member of Penn Mutual's executive team in 2006 and has held the roles of chief risk officer and chief financial officer.
"I am humbled and honored to be selected to succeed Eileen, who is truly an exceptional leader," said O'Malley. "Our company has innovated and grown in recent years while fulfilling our mutual principles of serving policyholders and fostering a winning culture. This legacy for our employees and policyholders is something I will continue. I would like to personally thank Eileen for her leadership and support and the board of trustees for their vote of confidence and the opportunity to lead this next chapter for our organization."
About The Penn Mutual Life Insurance Company
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC. Visit Penn Mutual at www.pennmutual.com.
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