MassMutual has announced that Roger W. Crandall, who has served as the Springfield, Mass.-based insurer's president and chief operating officer (COO) since December 2008, is set to succeed Stuart H. Reese as the company's chief executive officer (CEO) on January 1, 2010. Reese will step down from the CEO position and assume the role as non-executive chairman of the board. Crandall will remain president of the company after the transition.
In his previous role, Crandall oversaw MassMutual's U.S. insurance group, enterprise technology organization, retirement businesses and subsidiaries MassMutual International LLC, Babson Capital Management LLC and Baring Asset Management Limited. He joined the company in 1988 and has held several positions in the organization, such as chief investment officer and head of corporate bond management, public bond trading and institutional fixed income.
"MassMutual's employees, career agency system, and partners share a commitment to the interests of our policyholders that has guided how we do business for 158 years -- and this will remain our focus going forward. I am especially proud to follow in the path of Stu Reese who, since becoming Chief Executive Officer in 2005, has led our company with solid values and a strong commitment to good governance that have historically distinguished us from other companies," Crandall said in the press release.
A company press release calls the move a "milestone in the leadership succession plan that Mr. Reese and the Board have been implementing over the last year." Other recent succession announcements at MassMutual have included Robert Casale's replacement of the retiring Mike Foley as chief information officer (CIO) and William Glavin's move to CEO of Oppenheimer Funds, a MassMutual subsidiary.