According to the announcement, combining the segments will enhance MetLife’s product design and distribution capabilities, streamline its decisionmaking processes, and drive profitable growth.
“With this realignment, we are recognizing that we can better serve both employee benefit plan sponsors and individual customers through a single, integrated organization, while preserving our unique franchises,” said C. Robert Henrikson, chairman, president & chief executive officer of MetLife, Inc., in the announcement. He added that the integration will increase the speed in delivering new products and solutions to the market, better leverage MetLife’s distribution channels, enhance efficiencies, and expand services to customers.
William J. Mullaney, who has served as president of MetLife’s Institutional Business since January 2007, has been named president of the U.S. business organization. In previous roles at MetLife, Mullaney was president of MetLife Auto & Home, served as senior vice president for claims and customer service at Auto & Home, and was responsible for MetLife’s voluntary benefits business.
The changes will be effective August 1, 2009, and the integration is expected to be completed in 2010.
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