SPRINGFIELD, Mass., May 25, 2016 – MassMutual Financial Group today announced the appointment of Elizabeth A. Ward as Chief Financial Officer (CFO) of Massachusetts Mutual Life Insurance Company (MassMutual), effective June 1.
Currently both the company’s Chief Enterprise Risk Officer and Chief Actuary, Ms. Ward, Executive Vice President, will succeed Michael Rollings, who is joining The Vanguard Group in Valley Forge, Pa., as CFO.
Ms. Ward, who has been with the Company since joining Babson Capital Management LLC, a MassMutual subsidiary, in 2001, assumes responsibility for overall financial strategy and management at MassMutual. She will continue to report to Roger W. Crandall, Chairman, President and Chief Executive Officer of MassMutual.
In announcing Ms. Ward’s appointment, Mr. Crandall today underscored her key role on MassMutual’s executive leadership team and in helping to shape the company’s long-term strategy, as well as her outstanding work to develop MassMutual’s comprehensive enterprise risk management capabilities.
“It is my great pleasure to announce the appointment of Betsy, with decades of both investment and insurance industry experience, as MassMutual’s new CFO,” Mr. Crandall said. “Her demonstrated investment experience, strong financial acumen, collaborative approach and proven leadership combine to make her uniquely qualified for this vital role. I have tremendous confidence in Betsy’s ability to lead our company boldly and successfully ahead as we help people secure their future and protect the ones they love.”
Mr. Crandall thanked Mr. Rollings for his 15 years of contributions as a senior leader at MassMutual, including the last decade as CFO, and cited the strength and depth of the corporate finance team.
“Mike has been an exceptional member of our leadership team – during which time he has maintained and built upon our reputation for outstanding financial strength and capital management,” Mr. Crandall said. “We wish Mike much success in his next endeavor.”
Ms. Ward has been MassMutual’s Chief Enterprise Risk Officer since 2007 and its Chief Actuary since 2015; prior to joining Babson she was employed as Managing Director at MassMutual investment affiliate Charter Oak Capital Management from 1996. She is an active leader in several chief risk officer and industry groups involved with the evolution of enterprise risk management at global financial institutions.
A certified Professional Risk Manager, she is currently Chair of the American Council of Life Insurers’ Global Risk Management Committee and is a founding member of the North American CRO Council, where for three years she was Vice Chairman. Ms. Ward has also been a member of the American Academy of Actuaries since 1990, and a Fellow of Society of Actuaries since 1993. In 2012, she was named by Diversity Journal as a “Woman Worth Watching in Financial Services,” and in 2014, she was cited by Insurance Risk magazine as “CRO of the Year.”
Ms. Ward received her bachelor’s degree from the University of Rochester in Economics and Spanish.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.