New York Life Investment Management took less than a week after Brian Murdock's departure to name a new CEO. John Kim, 47, was named the president and CEO of NYLIM. Kim, who will start April 14, was previously the president of Prudential Retirement.
John Kim Prudential Retirement President
Kim is a well-known dealmaker in the 401(k) industry, so look for NYLIM to possibly do some shopping.
Company Press Release
NEW YORK--(BUSINESS WIRE)--New York Life Insurance Company announced today that John Y. Kim, 47, will join the company on April 14 as an executive vice president and will head its investment management arm, New York Life Investment Management LLC (NYLIM), as its president and CEO. He succeeds Brian A. Murdock, who has left the company.
Sy Sternberg, chairman and chief executive officer of New York Life Insurance Company, said, “Our Investment Management operations, with $250 billion in assets under management, are an integral part of New York Life, contributing more than a billion dollars in operating revenue and more than $200 million in operating earnings. We are fortunate to have a senior executive of John Kim’s experience and skill to run these substantial operations. John will report to Ted Mathas, who is our president and chief operating officer. As previously announced, Ted will become CEO of New York Life on July 1, 2008.”
Mr. Mathas said, “I’m confident John Kim will lead NYLIM to achieve its full potential and continue building momentum and scale for the business. As president and CEO of NYLIM, John will be responsible for providing the executive leadership of our investment management subsidiary. NYLIM has 1,500 employees and 15 offices across the United States, providing investment capabilities to global institutional and individual investors. We’re very pleased to have an individual of John’s caliber taking NYLIM’s helm.” He noted that Mr. Kim also will be joining New York Life’s Executive Management Committee, which is comprised of New York Life's senior executive leadership and assists the CEO in setting policy for the company.
Mr. Kim has an impressive 25-year track record as a highly successful business executive with deep knowledge of the investment management and retirement businesses. He was previously president of Prudential Retirement where he led their defined benefit, defined contribution and guaranteed products businesses. Prior to joining Prudential, Mr. Kim served as president, CIGNA Retirement and Investment Services. He spent 17 years of his career with Aetna Life & Casualty where he rose to the position of chief executive officer and chief investment officer of Aeltus Investment Management. He also served as managing director and head of Fixed Income at Mitchell Hutchins Institutional Investors. Mr. Kim has an MBA from the University of Connecticut and a bachelor’s degree from the University of Michigan. He is a Chartered Financial Analyst and holds Series 6, 7, 24, and 26 designations. He resides in Connecticut.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investment Management LLC provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
Please visit New York Life’s Web site at www.newyorklife.com for more information.