(Bloomberg) -- New York Life Insurance Co. promoted co-chief operating officer Craig DeSanto to president after he helped lead the insurer's largest deal on record.
DeSanto, 43, takes the title from Chief Executive Officer Ted Mathas, New York Life said Monday in a statement. DeSanto will help oversee all of the insurer's operations.
New York Life's $6.3 billion acquisition of a life and disability unit from Cigna Corp. is scheduled to close in the third quarter. DeSanto, who started as an actuarial intern in 1997 and has overseen businesses including life insurance and an asset manager, helped lead the acquisition, Mathas said.
“Throughout his more than two decades with the company, Craig has delivered steady and proven leadership, exceptional execution of our strategic plans, consistently strong business results, and an unwavering commitment to our people and the communities we serve,” Mathas said.
Mathas, 53, has led the insurer since 2008. He took over the president title in 2018, when John Kim retired. DeSanto will report to Mathas in his new job.
Read more: New York Life swoops in with $6.3 billion Cigna unit deal
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
