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

Karen Bechtel

Managing Director, Retired
The Carlyle Group, New York, New York
Board Committees: Audit and Investment

Mark T. Bertolini

Former Chairman and Chief Executive Officer
Aetna Inc., Hartford, Connecticut
Board Committees: Executive, Human Resources (Chair) 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, Investment (Chair) and Technology & Governance

James H. DeGraffenreidt, Jr.

Chairman and Chief Executive Officer, Retired
WGL Holdings, Inc., Washington, D.C.
Board Committees: Audit and Human Resources

Isabella D. Goren

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

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

Executive Chairman, Former President and Chief Executive Officer
Vertex Pharmaceuticals Incorporated, Boston, Massachusetts
Board Committees: Executive, Human Resources and Technology & Governance (Chair)

Laura J. Sen

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

William T. Spitz

Lead Director
Massachusetts Mutual Life Insurance Company
Springfield, Massachusetts
Principal, Co-Founder and Director
Diversified Trust Company, Nashville, Tennessee
Vice Chancellor for Investments Emeritus
Vanderbilt University, Nashville, Tennessee
Board Committee: Audit, Executive and Investment

H. Todd Stitzer

Former Chief Executive Officer
Cadbury PLC, London, United Kingdom
Board Committees: Audit and Investment

Executive Leadership

Roger Crandall

Chairman, President and Chief Executive Officer

Susan Cicco

Head of Human Resources and Employee Experience

Timothy Corbett

Chief Investment Officer

Michael Fanning

Head of MassMutual U.S.

Pia Flanagan

Chief of Staff to the CEO

Geoffrey Craddock

Chief Risk Officer

Michael O'Connor

General Counsel

Gareth Ross

Head of Enterprise Technology and Experience

Elizabeth Ward

Chief Financial Officer

Eddie Ahmed

Head of MassMutual International

Mike Freno

Chairman, President and Chief Executive Officer, Barings LLC

Governance and Ethics

Governance Structure

At MassMutual, our standard for ethics and integrity starts with our leaders and Board of Directors. Every year, directors are nominated for re-election by the Board's Corporate Governance Committee based on character, judgment, business acumen and experience. They stand for election at the Annual Meeting in April where members of the company vote to re-elect the nominees. Our Corporate Governance Guidelines mandate that at least 75 percent of the Board members must be independent directors.

All directors, as well as officers of the company, are expected to reveal any material conflicts between their own interests and those of the company. They’re also expected to recuse themselves from discussing or voting on matters that might involve those interests. All identified conflicts of interest are reviewed by our legal officers to ensure compliance with conflict-of-interest statutes. Each of our subsidiary companies also has a board of directors that is responsible for managing company affairs for the benefit of their shareholders. MassMutual’s Board of Directors maintains oversight of its subsidiaries through a carefully structured reporting system.


Trust is at the core of our business. By doing business ethically, we work to maintain the trust our policyowners and customers have in us. Preserving that trust begins with the MassMutual Code of Conduct. It’s the cornerstone of our decision-making and sets the standard for our actions. The Code of Conduct is part of an extensive employee education program that helps ensure ethics and compliance in all aspects of our business. Through this program, we help employees identify compliance or ethics issues and report any concerns through the appropriate channels.

One avenue to report any compliance and/or ethics issues or concerns on an anonymous or identified basis is by calling the Compliance & Ethics Reporting toll-free hotline at 1-800-422-1381 (United States, Canada, Guam, and Puerto Rico).

Related Information

Compensation Statement

MassMutual named a 2021 World's Most Ethical Company

African-American businesswoman at whiteboard facing two seated coworkers

Risk Management

If not managed properly, both financial and nonfinancial risks can be a threat — to us and our policyowners. We take a broad approach to identifying and proactively managing risks, including analyzing business trends, studying key performance metrics, and measuring the capabilities of key competitors.

MassMutual’s goal is to help our policyowners and customers protect the ones they love, and we do that by assuring them we’ll be here when they need us most, whether that’s tomorrow or 50 years from now.

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Our Mutual Structure

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Through the most prosperous and turbulent of financial times, our mutual ownership structure has been the foundation of our business strategy. As a mutual company, MassMutual doesn’t have shareholders. We do business with the long-term interests of our customers and policyowners in mind, and we work every day to make decisions in order to meet their needs in the future. Because we’re a mutual company, our eligible participating policyowners have the opportunity to share in any dividends we declare. Although dividends are not guaranteed, we’ve paid dividends to our eligible participating policyowners consistently since the 1860s.

Financial Performance and Insurance Ratings

At MassMutual, we’ve followed a prudent investment strategy for more than 170 years. This approach has given our policyowners confidence that we’ll deliver on our long-term commitments. And, this strategy has enabled us to consistently earn some of the highest financial strength ratings of any company in the industry.

Our financial documents have moved to our new Financial Performance and Insurance Ratings page.

Explore our financials