The architect of New England Financial's annuity division has decided to call it quits.
Bruce Long, who was the president of New England Annuities, left two weeks ago, citing differences with the company's parent, Metropolitan Life Insurance Co. Mr. Long was hired in 1994 to build an annuities program from scratch. However, MetLife's decision to demutualize meant that his role was changing significantly.
"The proposed model was not one I felt comfortable with compared with the successful model we used at New England Financial," Mr. Long said by e- mail. "So I decided that I should leave so they could get on with their plans."
Mr. Long was responsible for New England's product development, sales, marketing, financials, and processing. As part of MetLife's changes, Mr. Long had been given the additional responsibility of MetLife's annuities processing. "I felt that I didn't fit in the new organization," Mr. Long said.
He said the decision to leave the company was his and he is talking with several companies about other positions.
In a letter to senior management, James M. Benson, the chief executive officer of New England Financial, praised Mr. Long's work. He said Jonnie M. Smith, vice president, would be responsible for annuity administration.