New York Life has named Craig DeSanto, currently co-chief operating officer, to succeed Ted Mathas as president.
Mathas, chairman and chief executive officer, assumed the president role when John Y. Kim retired in 2018.
DeSanto will oversee all businesses of the company, including individual life insurance and agency distribution units, as well as retail annuities, New York Life investment management, and the company's portfolio of strategic business.
DeSanto joined New York Life in 1997 as an actuarial intern and was promoted into roles of increasing responsibility across New York Life's finance and business operations, including as head of the institutional life insurance business, individual life insurance business, and Eagle Strategies.
In 2015, he was appointed to lead the company's strategic businesses, where he systematically built a portfolio of businesses that today directly support the core retail life insurance franchise, diversify the company's sales and earnings, and enhance its financial strength. In 2017, DeSanto joined the company's executive management committee, and in the two subsequent years, he assumed oversight for retail annuities and New York Life investment management, respectively, according to the company.
Mathas noted DeSanto has helped lead New York Life's pending acquisition of Cigna's group life and disability insurance business, the company's largest acquisition to date. The transaction is expected to close in the third quarter.