MassMutual Promotes COOs to New Positions

If the recent news coming from MassMutual is any indication, a sort of changing of the guard is underway at the Springfield, Mass.-based carrier. In large part though, MassMutual is looking from within to make those changes.

The company announced that, effective December 1, co-chief operating officer (COO), EVP and chief investment officer Roger W. Crandall will become the sole COO and also assume the position of president from Stuart H. Reese, who will remain chairman and chief executive officer. In a subsequent move, Thomas M. Finke has been named EVP and chief investment officer, and will also assume Crandall's role as chairman and CEO of subsidiary Babson Capital Management.

Concurrently, it was announced that William F. Glavin, co-chief operating officer and EVP of MassMutual's U.S. Insurance Group will become CEO of OppenheimerFunds, a subsidiary. Glavin will be succeeding John V. Murphy who is set to retire at the end of the year. Michael R. Fanning will succeed Glavin as EVP and head of MassMutual's U.S. Insurance Group.

"One of our top priorities is the professional development of our leaders," says Reese in a statement, "and these promotions reflect the demonstrated capabilities and proven expertise of both Roger [Crandall] and Bill [Glavin]."

As I&T previously reported, also set to retire at the end of the year is MassMutual chief information officer Michael Foley. Deputy CIO Robert J. Casale will step into the CIO role. Casale, who is currently travelling and meeting with some of the carrier's various field agents, was unavailable for comment. In his new role, Casale will report to Crandall.