Secretary of State William Galvin sent the subpoena to MassMutual on Wednesday after company officials refused to turn over the O’Connell material, Galvin spokesman Brian McNiff told Reuters. Not only that, according to Reuters, Massachusetts Attorney General Tom Reilly is probing “serious allegations of wrongdoing” at the company while state Insurance Commissioner Julianne Bowler is also investigating.
MassMutual on June 2 said it fired O’Connell “due to certain issues, subject to his rights under his employment contract.” O’Connell said he intended to exercise those rights. According to published reports, O’Connell’s alleged misconduct included making improper transactions in an investment account, using a company jet for personal trips, and accepting a Florida condominium (See Report: MassMutual Chief Charges Included Retirement Account Improprieties ).
The Springfield, Massachusetts-based company, which is owned by policyholders and not publicly traded, also said it created a five-person Office of the CEO to focus on the company’s strategic direction and operations. MassMutual created the office two weeks after it fired O’Connell.
In a Web statement , MassMutual said its Office of the CEO will be comprised of: Stuart Reese, its new CEO; Roger Crandall, chief investment officer; Howard Gunton, chief financial officer; John Murphy, CEO of OppenheimerFunds Inc., and Matthew Winter, head of the individual insurance group.