Press Release

Massmutual Announces Chief Financial Officer Transition and Chief Actuary Appointment

Issued by MassMutual

Nov. 12, 2024

Betsy Ward to retire after three decades with the company; Mary Jane Fortin appointed Chief Financial Officer

Vy Ho named Chief Actuary

SPRINGFIELD, Mass. – MassMutual announced that after 30 years with the company, Betsy Ward, Chief Financial Officer (CFO), will retire at the end of this year. Mary Jane (MJ) Fortin has joined MassMutual as a member of the Executive Leadership Team and will be appointed CFO on January 1, 2025.

“Betsy has played a key role in leading MassMutual through periods of unprecedented growth, serving as a driving force across multiple transformative transactions to help deliver long-term value to our policyowners – all while the company reached record levels of capital and maintained excellent financial strength and flexibility,” said Roger Crandall, MassMutual Chairman, President and CEO. “We thank Betsy for her decades of service to our company and the significant contributions she has made to MassMutual’s success and wish her all the best as she prepares for retirement.”

Fortin joins MassMutual from Thrivent Financial, where she served as President and Chief Commercial Officer, leading the company’s insurance and wealth management businesses. Prior to that, she served as President of Allstate Financial and led the development and execution of the go to market strategy for the life insurance, retirement and benefits businesses. She also held senior management positions at AIG, The Hartford and PwC. Fortin holds a bachelor’s degree in accounting from the University of Connecticut and an MBA from the Wharton School at the University of Pennsylvania.

Fortin will be responsible for overseeing MassMutual’s corporate strategy, corporate development, financial reporting and planning, treasury and capital management, and corporate actuarial functions. In the coming months, she will work closely with Ward and the leadership team to facilitate a seamless transition.

“With more than 35 years of experience in the financial services industry, a strong track record of leading organizations through change, and establishing and driving innovative growth strategies, I am confident in MJ’s ability to build upon our reputation for outstanding financial strength and capital management,” added Crandall. “Her deep understanding of our industry and extensive financial, operational and leadership experience will be invaluable as we continue to deliver on our purpose to help people secure their future and protect the ones they love."

In addition, Vy Ho has been appointed Chief Actuary. Ho is an experienced actuarial and finance leader with nearly 30 years of industry experience, including four years with MassMutual where he most recently served as Head of Valuation and Appointed Actuary.

Prior to joining MassMutual, Ho spent almost 15 years at Prudential Financial where he held a variety of actuarial roles of increasing responsibility, including Vice President & Actuary and Head of Individual Life Pricing, where he oversaw product design, pricing and illustrations. Ho spent the early years of his career at Phoenix Life and Cigna. Ho earned his bachelor’s degree in mathematics from the University of Connecticut. He is also a Fellow of the Society of Actuaries (FSA) and a member of the American Academy of Actuaries.

About MassMutual (Massachusetts Mutual Life Insurance Company) MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.

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