What You Need to Know
- He started out as a summer actuarial intern in 1997.
- One of his jobs was overseeing retail annuities.
- Another job was overseeing an investment management arm with $450 billion in assets under management.
The board of New York Life Insurance Company has picked Craig DeSanto, the company’s president, to succeed Ted Mathas as the CEO in April 2022.
Mathas, who is New York Life’s chairman as well as its CEO, will continue to be the company’s chairman.
Mathas took over from Sy Sternberg in 2008.
New York Life is a policyholder-owned mutual life insurer that was founded in 1845 and is known for its network of career agents.
What Your Peers Are Reading
DeSanto said, in a comment included in the announcement about his new post, that he has a deep appreciation for the company’s history of providing financial security for policy owners and clients.
The company’s mutuality and career agency system “position us exceptionally well to continue to provide the trusted advice and guidance our clients expect from us,” DeSanto said.
The Rise of an Intern
DeSanto started out at New York Life as a summer actuarial intern in 1997. He has risen up through the ranks at the institutional life business, the individual life business and the Eagle Strategies unit.