New York Life Insurance Co. announced that Ted Mathas, its president and chief executive officer, was elected chairman by its board of directors.

On June 1 he will succeed Sy Sternberg, 65, who has been New York Life's chairman since 1997.

Mr. Sternberg has had the longest tenure of any New York Life chairman since the position was established in 1931, the company said last week.

Mr. Mathas, 41, has been New York Life's president since July 2007 and its CEO since July of last year. He will retain both titles after he becomes the company's 13th chairman.

He has worked for New York Life since June 1995.

Mr. Sternberg joined New York Life in 1989 and became its chairman and CEO in April 1997. He served as its president from October 1995 through September 2002.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.