The board of administrators of MetLife, Inc. introduced that Michel A. Khalaf, president, U.S. Enterprise and EMEA, will turn out to be MetLife’s president and chief govt officer on Might 1, 2019. Khalaf additionally has been appointed to the MetLife board efficient Might 1.
Steven A. Kandarian, who's retiring, will proceed to function chairman, president and CEO by means of April 30, 2019. Glenn Hubbard, at the moment MetLife’s impartial lead director, will turn out to be MetLife’s non-executive chairman upon Kandarian’s retirement.
Hubbard joined the MetLife board in 2007 and have become lead director in June 2017. Since 2004, Hubbard has been the Dean and Russell L. Carson Professor of Economics and Finance at Columbia College’s Graduate Faculty of Enterprise, and from 2001 to 2003, he was chairman of the President’s Council of Financial Advisers.
“In Michel, we're lucky to have a pacesetter who has excelled throughout a variety of markets, companies and cultures,” Hubbard mentioned. “His imaginative and prescient to make MetLife one of the vital dynamic, entrepreneurial and financially profitable insurance coverage corporations on this planet will serve the entire firm’s stakeholders properly.”
“Steve Kandarian has been a powerful and efficient chief for MetLife,” Hubbard added. “He made daring choices to problem MetLife’s SIFI designation and spin off the corporate’s U.S. retail enterprise. His braveness, conviction and strategic focus have been important to place the corporate for worthwhile progress. We sit up for persevering with to work with Steve by means of the transition.”
“Michel has introduced deep information of our business, an entrepreneurial spirit, and robust management abilities to every of the roles he has held throughout his profitable profession within the life insurance coverage business,” Kandarian mentioned. “The monetary providers panorama continues to evolve quickly, and Michel is the fitting govt to proceed to steer MetLife’s transformation into an organization that's regularly innovating to fulfill buyer expectations and create vital shareholder worth.”
Michel Khalaf mentioned, “I'm deeply honored by the boldness that the board has positioned in me and excited to steer this nice firm. MetLife has an amazing alternative to extend the worth it creates for all of its stakeholders. By accelerating income progress, additional optimizing our portfolio, and strengthening expense self-discipline, we'll turn out to be a extra financially profitable firm. This may assist us meet our obligations to clients, create extra alternatives for workers, and ship stronger returns to shareholders.”
Khalaf has been MetLife’s president of EMEA since 2011 and in July 2017 added accountability for the corporate’s U.S. Enterprise. In his expanded position, he has overseen the Group Advantages, Retirement & Earnings Options, and Property & Casualty companies in america; International Worker Advantages (GEB), MetLife’s solely horizontal enterprise offering worker advantages options to native and multinational employers in 39 markets; and particular person and group insurance coverage companies bought by means of brokers, brokers, banks and direct channels in additional than 25 international locations all through Europe, the Center East and Africa.
Previous to taking up the management of EMEA, Khalaf was govt vp and CEO of MetLife’s Center East, Africa and South Asia (MEASA) area. He joined MetLife by means of its acquisition of American Life Insurance coverage Firm (Alico) from American Worldwide Group (AIG) in 2010.
In his 21 years at Alico, Khalaf held a lot of management roles in numerous markets around the globe together with the Caribbean, France and Italy. In 1996, he was named the primary common supervisor of Alico’s operation in Egypt. In 2001, he assumed the place of regional senior vp accountable for Alico’s Life, Pension and Mutual Fund operation in Poland, Romania and the Baltics, in addition to president and CEO of Amplico Life, Alico’s life insurance coverage subsidiary in Poland. Later, he served as deputy president and chief working officer of Philamlife, AIG’s working firm within the Philippines.
Khalaf is a graduate of Syracuse College with a Bachelor of Science diploma in engineering and a Grasp of Enterprise Administration in finance. He's a fellow of the Life Administration Institute.
Kandarian grew to become president and CEO on Might 1, 2011, and chairman of the board of administrators on January 1, 2012. He joined MetLife in April 2005 as govt vp and chief funding officer (CIO). From 2007 to 2011, he additionally led MetLife's enterprise-wide technique, which recognized key focus areas for the corporate.
As CIO, Kandarian oversaw the corporate's greater than $450 billion (as of Dec. 31, 2010) common account portfolio. He enhanced the corporate's give attention to efficient danger administration and diversified MetLife's funding portfolio, together with by means of the $5.four billion sale of Peter Cooper Village/Stuyvesant City in 2006. His efforts helped MetLife emerge from the 2008 monetary disaster with the power to execute the corporate's $16.four billion buy of Alico in 2010.
About MetLife
MetLife, Inc. (NYSE:MET), by means of its subsidiaries and associates (MetLife), is among the world’s main monetary providers corporations, offering insurance coverage, annuities, worker advantages and asset administration to assist its particular person and institutional clients navigate their altering world. Based in 1868, MetLife has operations in additional than 40 international locations and holds main market positions in america, Japan, Latin America, Asia, Europe and the Center East. For extra info, go to www.metlife.com.
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