SHELTON, CONN. -- American Skandia Inc. of Shelton, Conn., promoted Wade Dokken to president and chief executive officer, effective this Wednesday.

Mr. Dokken, 40, was American Skandia's chief operating officer and deputy chief executive officer. He succeeds the company's founder, 55-year-old Jan R. Carendi, who is retiring. Mr. Carendi is to remain chairman of the board for an unspecified transition period.

American Skandia, which distributes variable annuities, mutual funds, and variable life insurance products, has $34.8 billion of assets under management.

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