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Article: MetLife Reins In a Unit: Top execs go amid bank channel streamlining.(Brief Article)
- Article from:
- American Banker
- Article date:
- July 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The departure of Jamie Shepherdson and Greg Brakovich as co-CEOs of MetLife Investors signals that MetLife Inc. has lost patience with its unit that distributes investment and insurance products through third-party channels, according to industry analysts.
Their decision to leave, along with chief financial officer Mark Brandenberger, came as revenues have been sluggish at the Newport Beach, Calif., unit while Mr. Shepherdson and Mr. Brakovich undertook high-cost business moves like their sales alliance with Merrill Lynch & Co. last spring, the analysts noted.
MetLife has named Mike Farrell, who heads New York-based MetLife Resources, the division that ...