New York Life Insurance Company has appointed Ted Mathas as the new CEO of the company. He succeeds Sy Sternberg, New York Life's chairman and CEO who retires after 19 years of service with the company.

Mr Mathas retains the title of president of the company, a post he has held since July 1, 2007. As CEO, he will oversee all of the company’s US and international operations including individual life insurance, retirement income, investments and long-term care insurance.

As CEO, Mr Mathas leads New York Life’s career agency force, including more than 50,000 agents in the US and abroad, at a time when many people are seeking knowledgeable advisors to help them protect their loved ones from loss of income and to assist with income planning in retirement.

Mr Sternberg joined New York Life in 1989 and became chairman and CEO in April 1997. He also served as president from October 1995 through September 2002. Mr Sternberg remains chairman of the board of directors in a non-executive capacity, for a transition period.

Mr Sternberg said: Ted Mathas is committed to maintaining the company’s superior financial strength, to fostering New York Life’s agency distribution system and growing core life insurance and related products, while continuing our profitable growth internationally. We are fortunate to have a leader of Ted’s energy, intellect, vision and judgment taking the reins.