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. Reese announced the formation of an Office of the CEO that will include himself and the next four highest raking officers in the company, The Boston Herald reports.
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 two weeks ago 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.