Today, Metlife, an insurer that is based in the United States of America, appointed one of its senior employees as its new chief executive to take over from Steve Kandarian, the current holder of the position.
The head of the US and Europe, Middle East and Africa business of the company, Michel Khalaf, is set to take the reins starting the 1st of May this year when Kandarian retires.
Kandarian has been the boss of Metlife for eight years. He helped the firm through the intense regulatory scrutiny that it has faced in the aftermath of the financial crisis.
The current independent lead director of Metlife, Glenn Hubbard, will become the non-executive chairman of Metlife after the retirement of Kandarian.
Hubbard stated: “In Michel, we are fortunate to have a leader who has excelled across a wide range of markets, businesses and cultures.”
He added: “His vision to make Metlife one of the most dynamic, entrepreneurial and financially successful insurance companies in the world will serve all of the company’s stakeholders well.”
Khalaf joined Metlife in 2010, after the firm acquired American Life Insurance Company during the same year. He spent more than two decades holding various major leadership roles across the globe.
in a note, an analyst at Evercore ISI, Tom Gallagher, wrote: “Khalaf’s expertise in several international markets should help MET’s future growth strategy outside of the U.S.”
He’s “well-respected internally and probably the most logical internal candidate.”
Metlife reported a profit amounting to $800 million (£629 million) in its last quarter, following a loss that amounted to $97 million during the previous year after a charge that was related to its spin-off of its individual life insurance arm into a new firm that is called Brighthouse Financial.
The share price of Metlife has dropped by more than 15 percent since the spin-off in August 2017.