The board of MetLife Inc. today announced that Michel Khalaf will take over from Steven Kandarian as the company’s president and chief executive officer May 1.
Khalaf has been the president of MetLife’s U.S. business since July 2017.
(Related: Steven Kandarian to Lead MetLife)
Glenn Hubbard, MetLife’s independent lead director and a former chairman of the federal Council of Economic Advisors, will become the company’s chairman, according to the MetLife board.
Kandarian has been MetLife’s president and CEO since May 2012.
Kandarian said in a statement that he believes Khalaf has the knowledge and leadership skills to shape MetLife.
“The financial services landscape continues to evolve rapidly, and Michel is the right executive to continue to lead MetLife’s transformation into a company that is continually innovating to meet customer expectations and create significant shareholder.
Kandarian succeeded C. Robert Henrikson, MetLife’s previous CEO, after Henrikson turned 65 and reached the company’s mandatory executive retirement age.
Kandarian previously served as MetLife’s chief investment officer, starting in 2005. He emphasized the importance of diversifying the company’s investment portfolio, and he helped make the decision to sell the giant Peter Cooper Village/Stuyvesant Town Development in New York City for $5.4 billion in 2006, shortly before the start of the Great Recession.
As MetLife’s CEO, he led a successful effort to keep the federal Financial Stability Oversight Council (FSOC) from imposing an extra layer of regulation on MetLife through the systemically important financial institution (SIFI) designation program.
Kandarian also led efforts to split off the company’s individual life and annuity operation, to form Brighthouse Financial Inc.
Khalaf has a bachelor’s degree and a master’s degree in business from Syracuse University. He holds the fellow of the Life Management Institute professional designation.