Roger Crandall was named CIO and executive vice president of MassMutual Financial Group and chairman of subsidiary Babson Capital, effective immediately. He replaces Stuart Reese, who last week became CEO of MassMutual, in both positions. Mr. Crandall was vice chairman, managing director and head of corporate securities for Babson Capital. Cliff Noreen, managing director and head of Babson Capital's investment-grade and high-yield public corporate bond group as well as its institutional fixed-income team, will replace Mr. Crandall, although the firm does not plan to fill Mr. Crandall's vice chairman post, Faith Yando, Babson Capital spokeswoman, said. Mr. Noreen will retain his previous title while management determines whether he will keep them permanently, Ms. Yando said.
Separately, Bill Glavin, president of Babson Capital, was named CEO of the firm, according to Ms. Yando. Mr. Reese had also been CEO of Babson Capital.
Mr. Reese took over as CEO of MassMutual after the firm's board of directors gave former Chairman and CEO Robert J. O'Connell notice of termination subject to rights under his employment contract, according to Jim Lacey, MassMutual spokesman. Mr. Lacey said the termination "involved Mr. O'Connell's conduct," but he declined to elaborate.
Susan Alfano, executive vice president for enterprise systems and services, and Ann Lomeli, senior vice president, co-general counsel and secretary, both left MassMutual last week, confirmed Mr. Lacey, noting that both worked directly with Mr. O'Connell. Mr. Lacey declined to comment further on Ms. Alfano and Ms. Lomeli.