US insurer Metlife appoints new boss after stock slumps following spin-off
US insurer Metlife today appointed one of its senior employees as chief executive to take over from the current holder of the role Steve Kandarian.
Michel Khalaf, the head of the company’s US and Europe, Middle East and Africa business, will take the reins from 1 May when Kandarian retires.
Kandarian has led Metlife for eight years, helping the company through the intense regulatory scrutiny it has faced in the aftermath of the financial crisis.
Glenn Hubbard, currently Metlife’s independent lead director, will become Metlife’s non-executive chairman on Kandarian’s retirement.
Hubbard said: “In Michel, we are fortunate to have a leader who has excelled across a wide range of markets, businesses and cultures.
“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 company bought American Life Insurance Company in 2010 where he spent more than two decades holding several major leadership roles around the world.
Metlife reported a profit of $800m (£629m) in its last quarter, after a loss of $97m the year previously after a charge related to its spin-off of its individual life insurance arm into a new company called Brighthouse Financial.
Metlife’s share price has fallen more than 15 per cent since the spin-off in August 2017,