John Kim and his team just started searching for an executive vice president to oversee retirement plan services, strategy and mergers and acquisitions. On Wednesday New York Life revealed that Barry Schub, who filled the EVP of RPS, strategy and M&A role at New York Life Investments (i.e. New York Life Investment Management, NYLIM), has been promoted to senior vice president overseeing human resources for all of New York Life. Watch for Kim, NYLIM's CEO, to find someone to fill Schub's shoes.

John Kim New York Life Investments CEO

"We will immediately begin the process of identifying a suitable successor [for Schub]," New York Life spokeswoman Terri Wolcott told The MFWire.

See our sister publication, The 401kWire, who the implications of Schub's move on New York Life's retirement plan services unit (see The 401kWire, 12/3/2009).

Barry Schub New York Life Senior Vice President, Human Resources

Schub, who led retirement plan services at New York Life prior to his promotion three years ago, will report to Ted Mathas, the insurer's chairman, president and CEO. He takes the HR reins from chief administrative officer and executive vice president Frank Boccio, who had led HR on an interim basis since the departure of its prior chief, Judith Vance, in 2008.

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Company Press Release

December 2, 2009, NEW YORK--New York Life Insurance Company today announced the appointment of Barry Schub as senior vice president in charge of Human Resources, effective January 4, 2010. Mr. Schub is currently a senior executive with New York Life Investments, a wholly owned subsidiary, where he is responsible for overseeing Retirement Plan Services, Strategy and Mergers & Acquisitions.

Ted Mathas, chairman, president and CEO of New York Life, said, “Barry is a great choice to lead our human resources team to the next level. He has a three-decade track record of developing people and systems to foster growth and enable high performance – a key objective of our human resources plans going forward. And given his eight years of excellent performance with New York Life, he has the confidence of management and the Board. We’re looking forward to many more contributions from Barry in the years ahead.” Mr. Schub will report to Mr. Mathas.

As part of his new role Mr. Schub is joining New York Life’s Executive Management Committee, which is comprised of New York Life’s senior executive leadership and assists the CEO in setting policy for the company. The appointment to the Committee is effective immediately.

Mr. Schub’s career experience includes banking as well as investment management. He began his career with Bankers Trust Company, where he was in a series of senior management positions for 18 years in sales, marketing and client service. Immediately prior to joining New York Life Investments in 2001, Mr. Schub was a vice president at E*TRADE Group Inc., with responsibility for institutional and retail retirement products as well as college savings programs. Before joining E*TRADE, he was president of a subsidiary of United Asset Management that offered comprehensive services for defined contribution plans. Mr. Schub holds an MBA degree from Babson College and completed his undergraduate work at Brown University. He currently resides in Morristown, N.J.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments* provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds. Visit New York Life’s Web site at www.newyorklife.com for more information.

*New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.


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