By Leslie Scism
A top-ranking MetLife Inc. executive widely viewed as a
potential successor to Chief Executive Steven Kandarian is retiring
this summer, likely sparking speculation about who might be in the
running in the next few years.
The giant insurer announced that William Wheeler, president of
its big Americas division representing most of its earnings, will
leave in August. Mr. Wheeler, 53 years old, has had a 17-year
career at MetLife, the nation's biggest life insurer by assets.
Mr. Wheeler was a contender for the top job in 2011 when Mr.
Kandarian was tapped as president and CEO. After Mr. Wheeler was
bypassed, the board approved "special" compensation to retain him
and another senior executive in the horse race. At the time, Mr.
Wheeler was the company's chief financial officer.
Each of the two bypassed executives was awarded tens of
thousands of shares that would be worth millions of dollars if they
stayed three years. The other executive was William J. Mullaney,
then-president of MetLife's U.S. business, who departed in late
2011.
Mr. Wheeler said in the company's news release Monday that "the
timing is right for me to retire and pursue other interests."
Mr. Kandarian recently turned 63 years old. While Mr.
Kandarian's predecessor, C. Robert Henrikson, stepped down as he
was about to turn 65, "the company's policy of age 65 retirement
can be waived by the board at its discretion," a person familiar
with the matter said. "While change at the senior executive level
typically raises questions about CEO succession, there is no
specific timetable for succession at MetLife, " the person
said.
Write to Leslie Scism at leslie.scism@wsj.com
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