New York Life Insurance Company, New York, has announced that Executive Vice President John Y. Kim, 49, will add the post of Chief Investment Officer to his other duties at the end of 2010. Vice Chairman and Chief Investment Officer Gary Wendlandt elected to retire at year-end after nearly 40 years in the industry. Mr. Kim is currently president and CEO of New York Life Investments, the wholly-owned investment management subsidiary of New York Life, and will continue in that role when the CIO position is added to his responsibilities.
Ted Mathas, chairman and CEO of New York Life, said, “We are fortunate to have another accomplished senior executive to assume the position of Chief Investment Officer upon Gary’s retirement at year-end. The Board and I have asked John Kim, who has worked closely with Gary and me for the last two and a half years, to add the CIO’s duties to his current responsibilities. Since he arrived at New York Life, John has been a member of the Executive Management Committee, where he has made many important contributions. At New York Life Investments John has been a strong and insightful leader who has not only guided the enterprise through one of the most challenging economic periods in history, but has managed to grow the business significantly and increase its reputation as a trusted and reliable brand. With John’s broad and deep experience and judgment we know he will continue making important contributions in the position of Chief Investment Officer.”
Mr. Kim will continue reporting to Mr. Mathas upon Mr. Wendlandt’s retirement. Mr. Kim joined New York Life in 2008 after a 25-year record as a business executive with deep knowledge of investment management and strong operational skills running numerous businesses. Prior to joining New York Life he had been president of Prudential Retirement, where he led its defined benefit, defined contribution and guaranteed products businesses, and before that he was president of CIGNA Retirement and Investment Services.