President of fat promotes the insurer, Chief
Seven years ago, as Seymour Sternberg was recruited to the New York Life Insurance Company has observed that he had a stroke a few days.
In July, after almost 10 months as New York Life, the No. 2 of the order, he began to think he was quite good. And yesterday, the Board 15 has been officially effective next April, he was the new leader, instead of Harry G. Hohn, as President and Chief Executive Officer, Mr. Hohn enters the age of retirement at age 65. Mr. Sternberg retains his title as president.
Do not expect major changes. But do not expect New York to see life as many of its competitors, who have noticed, flat in the market for life insurance - according to statistics - and more problems in other financial services .
”In the past 12 months, we develop a concentration on the fundamentals of our business, insurance and pensions,’’said Sternberg. ”Many companies in our sector is versatile talk about financial services. We believe that this is a chance for us.”
”We believe in diversification,”he added. ”We have a strong operating health, and we have a very strong mutual fund activity and a very strong asset management. But we see all those who are truly companies around the periphery of our basic sectors: insurance.”
Like several other life insurance companies, the reputation of New York Life has been tarnished by complaints filed by illegal practices of turnover. Last year, the company has agreed to pay $ 250 million worth three million compensation to policyholders and founded a strength of 110 members to monitor future sales. Regarding the future, Mr. Sternberg plans to accentuate the positive aspects and machen”ein”beträchtliche investment in advertising and public relations.
Counter trend on the business sector have been good at New York Life recently. Last year, the company had revenues of $ 625 million on revenue of $ 16.7 billion, compared to income for 1994 of $ 404 million on revenue of $ 15.8 billion. And Mr. Sternberg (preferably, known as Sy) is in the mood for some major acquisitions, or perhaps a merger of a competitor.
”If something comes along we have a team, he can analyse very quickly,”he said.
Mr. Sternberg, 53 years, is something of a computer jock. According to engineers graduates earn at City College and Northeastern University, he worked in missile development for Raytheon Company, signed with a consulting firm arrivals to develop computer systems for Massachusetts Mutual Life Insurance Company.
The insurance company recognized a young man light, and soon, Mr. Sternberg position Computer Services Division of Massachusetts Mutual. He worked his way into the executive suite, saw the path to the Chief Executive has been blocked and jumped at the chance, New York Life.
Three years ago, it adopted the computer operations at New York Life and the displacement of the company in modern times. Further improvements are available on the way.
But for Mr. Sternberg, the computer is a tool, not his person. ”I spend most of my encounters with people,”he said. ”I am not one of these gurus, the computer communicates by computer.
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