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June 09, 2017 at 11:14 AM
(Bloomberg) — MetLife Inc. General Counsel Ricardo Anzaldua is stepping down after he helped win a court battle that reversed the government’s designation of the insurer as too big to fail.
Anzaldua’s last day in the post will be June 30, and he’ll continue to advise Chief Executive Officer Steve Kandarian through the end of the year, the CEO said Thursday in a memo to staff. Stephen Gauster, who is senior vice president and chief counsel, will become interim general counsel while the New York-based company searches for Anzaldua’s replacement.
(Related: Watch and See How SIFI Changes Everything)
Under Anzaldua, MetLife was the only company to go to court to fight the designation by a government panel as a non-bank systemically important financial institution. General Electric Co. sold assets to shed its finance unit’s SIFI status. And American International Group Inc. said that the label, which can bring increased regulation and tighter capital rules, wasn’t a big deal.
Anzaldua “designed and carried out our successful strategy” to challenge the SIFI tag, Kandarian said in the memo. “Our victory has preserved our ability to remain on a level playing field with others in the industry.”
The government has sought to overturn the decision. But MetLife requested that a court delay ruling on the appeal after President Donald Trump instructed the Treasury Department to evaluate how the Financial Stability Oversight Council designates companies.
