NORWOOD, Mass. -- New York Life Benefit Services Inc. is changing its management structure, promoting Joel M. Disend to chairman and chief executive officer and Thomas A. Clough to president.
Mr. Disend had been president and chief executive officer; Mr. Clough had been senior vice president in charge of operations and professional services.
"The company has more than tripled in size in the last four years," Mr. Disend said. "Tom has been with us for 14 years and has earned his place."
New York Life had $121 billion in total assets under management at year-end 1999. Among defined contribution managers, it ranked 29th.
The company plans to expand its business by focusing on its bundled defined benefit strategy, its Taft-Hartley business and its involvement in the international markets, Mr. Disend said.
New York Life may end up in the software business in addition to money management, he said.
"Since the late 1980s when we did the first defined contribution system, we have been a software company," he said. "We were frustrated with the commercially available systems."
New York Life may find additional opportunities licensing its defined contribution software.
At the same time, Mr. Disend said he wanted to extract himself from day-to-day management and focus on "strategic planning" to make New York Life more effective as a business.
Mr. Disend has been in the retirement plan business for about 30 years.
He co-founded ADQ Inc., which he ran until it was purchased by NYLIFE Inc. in 1994, creating New York Life Benefit Services.
Mr. Clough joined New York Life in 1986 as an actuary and managing consultant.
The two will head a management team that will include Joseph J. Henehan, who is shifting from chief financial officer to more broad-based responsibility. Mr. Disend declined to name the remaining four individuals on his management team but said they will include managers from operations, actuarial and software.