Two weeks after being hired as the new CEO of MassMutual Financial, Stuart "Stu" Reese is rolling up his sleeves to bring back positive publicity for the insurance giant, MassMutual announced last Thursday, in a press release.
Reese has formed an Office of the CEO that will include himself and the next four highest-raking officers in the company.
The news came in a wake of the ongoing scandal with ousted executive Robert J. O'Connell.
O'Connell, the previous CEO of seven years, was fired by the board of directors at the beginning of the month for misconduct and is now facing state allegations that may be followed by criminal charges from Massachusetts Attorney General Thomas F. Reilly. Allegedly, O'Connell engaged in illegal trading, pushed for a company-owed condo in Florida, used company jets for personal trips, and interfered in disciplinary actions against his son and son-in-law.
"The Office of the CEO will ensure we are operating at maximum efficiency in each part of the organization, and that we fully leverage our synergies as one enterprise," Reese said.
The other four member of the new executive unit include Chief Investment Officer Roger Crandall, Chief Financial Officer Howard Gunton, CEO of MassMutual's OppenheimerFunds John Murphy, and the head of the Individual Insurance Group, Matthew Winter.
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