(Updates with career, quote, shares starting in third paragraph.)
Oct. 31 (Bloomberg) -- MetLife Inc., the largest U.S. life insurer, said Chief Executive Officer Steve Kandarian will replace Robert Henrikson as chairman of the board.
The appointment of Kandarian, 59, is effective Jan. 1, New York-based MetLife said today in a statement. Henrikson, 64, was CEO before Kandarian.
Kandarian joined MetLife in 2005 as chief investment officer. He was named president and CEO in May and said he plans to reduce federal oversight by selling banking operations.
The insurer will “take the necessary steps to no longer be a bank holding company,” Kandarian said in a conference call with investors on Oct. 28. “This will ensure that MetLife is able to operate on level regulatory playing field with other insurance companies.”
MetLife slipped $1.66 or 4.5 percent, to $35.16 at 4:15 p.m. in New York Stock Exchange composite trading. It has declined 21 percent this year.
--Editors: Dan Reichl, Dan Kraut
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