Corporate Governance

As an organization, we have a responsibility to our policyowners and customers to do business ethically and in compliance with all laws and regulations. This philosophy has guided us from the beginning, and it’s a fundamental part of our success.

Board of Directors

Roger W. Crandall

Chairman, President and Chief Executive Officer
Massachusetts Mutual Life Insurance Company,
Springfield, Massachusetts
Board Committees: Executive (Chair), Investment and Technology & Governance

Jeffrey M. Leiden, M.D., Ph.D.

Lead Director
Massachusetts Mutual Life Insurance Company
Springfield, Massachusetts
Executive Chairman, Former President and Chief Executive Officer
Vertex Pharmaceuticals Incorporated, Boston, Massachusetts
Board Committees: Executive, Human Resources and Technology & Governance

Kathleen A. Corbet

Founder and Principal
Cross Ridge Capital, LLC, New Canaan, Connecticut
Former President
Standard & Poor’s, New York, New York
Board Committees: Executive, Audit and Investment (Chair)

James H. DeGraffenreidt, Jr.

Former Chairman and Chief Executive Officer
WGL Holdings, Inc., Washington, D.C.
Board Committees: Executive, Audit and Human Resources (Chair)

Isabella D. Goren

Former Chief Financial Officer
American Airlines, Inc. and AMR Corporation, Fort Worth, Texas
Board Committees: Audit (Chair), Executive, and Investment

Bernard A. Harris, Jr., M.D., M.B.A

CEO and Managing Partner
Vesalius Ventures, Inc.
Houston, Texas
Board Committees: Audit and Investment

Michelle K. Lee

Founder and CEO
Obsidian Strategies, Inc., Menlo Park, California
Former Vice President
Machine Learning Solutions Lab & Computer Vision
Amazon Web Services, Palo Alto, California
Board Committees: Human Resources and Technology & Governance

David H. Long

Former Chairman,
President and Chief Executive Officer
Liberty Mutual Insurance Company, Boston, Massachusetts
Board Committees: Human Resources and Technology & Governance

Michael T. Rollings

Former Chief Financial Officer and Managing Director of Finance
The Vanguard Group, Malvern, Pennsylvania
Board Committees: Audit and Investment

Laura J. Sen

Former Non-Executive Chairman and Former Chief Executive Officer
BJ’s Wholesale Club, Inc., Westborough, Massachusetts
Board Committees: Executive, Human Resources and Technology & Governance (Chair)

Amy M. Stepnowski

Chief Investment Officer
The Hartford
Hartford, Connecticut
Board Committees: Audit and Investment

Executive and Subsidiary Leadership

Roger Crandall

Chairman, President and Chief Executive Officer

Dominic Blue

Head of Third-Party Distribution and New Markets
President and CEO of MassMutual Ascend

Susan Cicco

Chief of Staff to the Chairman & CEO

HR & Employee Experience

Geoffrey Craddock

Chief Risk Officer

Mary Jane Fortin

Chief Financial Officer

Mike Freno

Chairman, President and Chief Executive Officer, Barings LLC

Paul LaPiana

Head of Brand, Product and Affiliated Distribution

Sears Merritt

Head of Technology and Experience

Michael O'Connor

General Counsel

Eric Partlan

Chief Investment Officer

John Rugel

Head of Operations

Governance and Ethics

Governance structure

Mutuality at the core of leadership

MassMutual’s governance model reflects our mutual structure: We exist to serve our policyowners and customers—not shareholders. Our Board of Directors and executive leadership are guided by long-term thinking, ethical decision-making, and a deep commitment to those we serve. This structure ensures that our leadership remains focused on protection, performance, and purpose.

Trust through accountability

Every year, directors are nominated for re-election based on their character, judgment, and experience. At least 75% of our Board must be independent, reinforcing transparency and objectivity. Directors and officers disclose any potential conflicts of interest and recuse themselves from related decisions, with oversight from our legal team to ensure full compliance.

Oversight that strengthens us

Our Board maintains rigorous oversight of financial performance, risk management, and strategic direction. Subsidiary boards operate with autonomy but report through a structured system that ensures alignment with MassMutual’s standards. This disciplined approach helps safeguard our financial strength and ensures we continue to deliver on our promises.

Ethics

Trust is our foundation

At MassMutual, trust isn’t just a value—it’s a responsibility. Our Code of Conduct sets the standard for ethical behavior across the company and is embedded in a robust employee education program. We empower employees to identify and report concerns through clear, confidential channels, reinforcing a culture of integrity and accountability.

Code of Conduct
Anti Bribery and Anti Corruption Policy (PDF)
Statement of Respect and Anti-Discrimination and Harassment Policy (PDF)

Guidance that supports doing what’s right

Ethical decision-making is supported by ongoing training, leadership modeling, and a compliance framework that helps employees navigate complex situations. We believe that doing business ethically is essential to maintaining the trust of our policyowners, customers, and communities.

Compensation statement (PDF)

Risk Management

Protecting what matters most

Risk management at MassMutual is proactive, comprehensive, and deeply embedded in our strategy. We monitor financial and non-financial risks through data analysis, performance metrics, and competitive benchmarking—ensuring we’re prepared to meet challenges and protect our stakeholders.

Strength through strategy

Our approach is built on long-term resilience. By identifying emerging risks and adapting to changing conditions, we maintain the financial strength and operational stability our customers rely on. This commitment to protection and foresight is central to our mutual promise.

Learn more

Our Mutual Structure

Mutuality that puts you first

MassMutual is a mutual company, which means we don’t have shareholders—we have policyowners. That difference shapes everything we do. Our long-term decisions are made with your interests in mind, not Wall Street’s. It’s a structure built on mutual trust, shared purpose, and a commitment to helping people protect what matters most.

Through economic highs and lows, our mutual model has remained a source of strength and stability. Eligible participating policyowners may share in our success through dividends, which we’ve paid every year since 1869. While dividends aren’t guaranteed, our track record reflects a deep commitment to delivering long-term value.

Financial Performance and Insurance Ratings

Our financial foundation: strong, stable, secure

For 175 years, MassMutual has followed a disciplined investment strategy designed to deliver on our promises. That approach has earned us financial strength ratings among the highest in any industry—giving our customers confidence that we’ll be there when it matters most.

These results reflect our commitment to prudent risk management, long-term planning, and delivering reliable protection to our policyowners and customers.

Explore our financials

Related Information