Summary
MetLife Inc. announced significant leadership changes via an 8-K filing on January 8, 2019, effective May 1, 2019. Michel A. Khalaf has been appointed President and Chief Executive Officer, succeeding Steven A. Kandarian, who will retire after serving as Chairman, President, and CEO. Mr. Khalaf, currently President of U.S. Business and EMEA, will also join the Board of Directors and its Executive Committee. In parallel, R. Glenn Hubbard, Ph.D., a current non-management director, will assume the role of Chairman of the Board, also effective May 1, 2019, replacing Mr. Kandarian. These changes signal a planned transition in leadership as the company moves forward. Investors should monitor the strategic direction under Mr. Khalaf's leadership and any adjustments to compensation and benefits related to his new role.
Key Highlights
- 1Michel A. Khalaf appointed President and Chief Executive Officer effective May 1, 2019.
- 2Steven A. Kandarian, current Chairman, President, and CEO, will retire on April 30, 2019.
- 3Mr. Khalaf will also be elected as a Company director and appointed to the Executive Committee.
- 4R. Glenn Hubbard, Ph.D. appointed Chairman of the Board effective May 1, 2019.
- 5Mr. Khalaf's annual base salary will be $1,200,000, with relocation and tax-related benefits continuing.
- 6Dr. Hubbard will receive $250,000 annually for his Chairman role, in addition to director fees.