MetLife has reorganized its business from a US and International business structure into three broad geographic regions to tap full potential of global business profile.
The company said it will operate across three new business regions – the Americas, EMEA (Europe, the Middle East and Africa), and Asia – and each region will have its own president.
MetLife named CFO William Wheeler as president of the Americas division and executive vice president Eric Steigerwalt as interim CFO while MetLife searches for Wheeler’s successor.
Michel Khalaf has been appointed president of the EMEA division and becomes a member of the executive group.
New York-based MetLife said it is conducting a search for a president of the Asia division. In the meantime, the region will report directly to Metlife president, CEO and chairman-elect Steven Kandarian.
The company added that William Mullaney, president of the existing US business position, has decided to pursue other opportunities outside of MetLife.
Meanwhile, William Toppeta, who served as president of the international business, is planning to retire. He will remain with MetLife in the newly created vice chair of Europe, Middle East, Africa/Asia through 31 May 2012. He will also serve as a mentor and consultant to the presidents of EMEA and Asia.
Kandarian said this structure will lay the foundation for a global company. Each of their new regions have both mature and developing markets, both of which are critical to shareholder-value creation. At the same time, they will be able to draw on strengths from across each region to drive collaboration and efficiencies.