On
1 May there will be a new man in the hot-seat of the US’ largest
life insurer when Steven A Kandarian assumes the positions of
president and CEO of MetLife from C Robert Henrikson. MetLife boss
since 2006, Henrikson, 63, reaches the mandatory retirement age in
2012.
Kandarian’s selection as
Henrikson’s successor followed a year-long succession planning
process led by MetLife’s board lead director Cheryl W
Grisé.
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“The board undertook an
extensive process, which included a review of internal and external
candidates, and we’re confident that Steve’s wealth of experience
and industry knowledge make him well suited to serve as MetLife’s
next CEO,” Grisé commented.
“His deep understanding of
MetLife’s risk management culture and businesses make him the ideal
person to take MetLife to the next level of global success,” she
added.
Unlike Henrikson who has
worked for MetLife for almost 40 years, Kandarian, 59, is a
comparative newcomer, having joined the insurer as chief investment
officer in April 2005. In 2009, Kandarian assumed responsibility
for MetLife’s global brand and marketing services department, and
at present holds the positions of chief investment officer and
executive vice-president.
Kandarian has acquitted
himself well and is attributed with significantly enhancing
MetLife’s risk management processes. Among his successes, Kandarian
was responsible for the sale of residential properties Peter Cooper
Village and Stuyvesant Town in 2006 for $5.4bn, at the peak of the
property cycle.
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By GlobalDataUnder his leadership, MetLife
also identified the housing bubble early and reduced MetLife’s
exposure to subprime mortgage-backed securities, raised the overall
quality of its corporate credit portfolio and increased its focus
on low loan-to-value commercial and agricultural
mortgages.
Prior to joining MetLife, Kandarian was the executive
director of the Pension Benefit Guaranty Corporation from 2001 to
2004. He holds a BA degree from Clark University, a doctorate in
law from Georgetown University Law Centre and a MBA from Harvard
Business School.
