MetLife reveals new CEO succeeding Kandarian

Insurer MetLife has appointed Michel Khalaf to succeed Steven Kandarian as its president and chief executive officer (CEO) on May 1, 2019.

Kandarian is retiring from his position as chairman, president and CEO on April 30. He joined MetLife in April 2005 as executive vice president and chief investment officer (CIO), before assuming the CEO role in May 2011.

Khalaf has served as president of Metlife's Europe, the Middle East and Africa (EMEA) business since 2011, with added responsibility for the its US business since July 2017. Prior to that, he was executive vice president and CEO of MetLife’s Middle East, Africa and South Asia (MEASA) region.

Khalaf also has been appointed to the MetLife board effective May 1.

Additionally, Glenn Hubbard, currently MetLife’s independent lead director, will become MetLife’s non-executive chairman upon Kandarian’s retirement.

“In Michel, we are fortunate to have a leader who has excelled across a wide range of markets, businesses and cultures,” Hubbard said. “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.”

Hubbard added: “Steve Kandarian has been a strong and effective leader for MetLife. He made bold decisions to challenge MetLife’s SIFI designation and spin off the company’s US retail business. His courage, conviction and strategic focus were essential to position the company for profitable growth. We look forward to continuing to work with Steve through the transition.”

Khalaf commented: “I am deeply honoured by the confidence that the board has placed in me and excited to lead this great company. MetLife has a tremendous opportunity to increase the value it creates for all of its stakeholders. By accelerating revenue growth, further optimising our portfolio, and strengthening expense discipline, we will become a more financially successful company. This will help us meet our obligations to customers, create more opportunities for employees, and deliver stronger returns to shareholders.”