Onetime Summer Intern Takes Over as New York Life CEO

Craig DeSanto has taken over as the CEO of New York Life Insurance — a 177-year-old company that is one of the top issuers of individual life insurance and annuities.

DeSanto succeeds Ted Mathas, who will continue to serve as board chairman but give up oversight over company operations.

Mathas had been New York Life’s CEO since 2008.

DeSanto began working for the company in 1997, as a summer actuarial intern. He has managed the institutional life, individual life and retail annuity operations, as well as the company’s investment management unit. The company has about $432 billion in assets under management.

He wrote the popular ThinkAdvisor article “Whole Life: The Swiss Army Knife of Financial Products.”

In a comment, included in the announcement of the CEO change, DeSanto said he has a deep appreciation for the company’s history of serving policy owners and investment services clients.

“Our historic period of growth under Ted’s leadership capitalized on our mutuality, superior financial strength, unrivaled career agency system and our outstanding, diverse team of dedicated agents and employees,” DeSanto said. “As a result, we are exceptionally well-positioned to continue to provide the trusted advice and guidance our clients expect from us and to always be there when we are needed the most.”

Craig DeSanto (Photo: New York Life)