CMO is Promoted to CEO at Penn Mutual LifeFebruary 22, 2011
Steve's breakdown: I've said before and I'll say it again - from an agency's perspective, there's no better CEO than an ex-CMO. No word on who's moving into her old office yet so the timing might be right to make first contact.
HORSHAM, PA: The Penn Mutual Life Insurance Company announced that Eileen McDonnell has been appointed Chief Executive Officer of the company, succeeding the retiring Robert E. Chappell. McDonnell now holds the title of President and Chief Executive Officer. She is only the 18th chief executive officer in Penn Mutual’s 164-year old history.
Chappell, who led the mutual insurer to its current position as one of the most respected in the industry, will remain as chairman of the board.
McDonnell takes office as the company reports record numbers for 2010 with life insurance sales up 47% over 2009, versus an industry increase of approximately 6%, and annuity sales growth of 7%.
Looking to the future, McDonnell said, “Penn Mutual has a rich legacy that continues to guide our work as a company. I believe the decade ahead is full of opportunity for us, and we are extremely well positioned to build on the positive momentum we’ve created over the past several years. That said, we remain focused on serving the best interest of our policyholders, and helping individuals, families and small businesses achieve their possibilities and their dreams through the complete value of life insurance.”
McDonnell is one of only a few females holding the position of CEO at a major U.S. life insurer. She joined Penn Mutual in February 2008 as Executive Vice President and Chief Marketing Officer, and Chairman of the Board of Hornor, Townsend & Kent, Inc. She is also a member of Penn Mutual’s Board of Trustees, as well as a member of the Janney Montgomery Scott LLC Board of Managers. Janney Montgomery Scott is a wholly-owned subsidiary of Penn Mutual.
McDonnell, a veteran of the financial services industry, was president of New England Financial, a wholly-owned subsidiary of MetLife and senior vice president at Guardian Life Insurance Company. McDonnell also held positions at AXA/Equitable. In addition, she was a member of the Master of Science in Management faculty at The American College, where she held the Chair for Women and Financial Services.
An active industry participant, Eileen is a member of the Board of Directors of LL Global, Inc., the holding company for LIMRA International and LOMA, and is a National Advisor for Vision 2020.
McDonnell graduated from Molloy College, Rockville Centre, New York, where she served as member of its board of trustees. McDonnell earned her MBA in finance and investments from Adelphi University, in Garden City, NY.
About The Penn Mutual Life
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families and small businesses unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com.
The Penn Mutual Life Insurance
Company, 600 Dresher Road, Horsham, PA 19044
Keith Bratz, Penn Mutual, (215) 956-7907, bratz.keith(at)pennmutual(dot)com