M. Timothy Corbett, chief investment officer of the Connecticut Retirement Plans & Trust Funds, Hartford, will resign from the $25 billion system May 20 to become executive vice president and CIO of Massachusetts Mutual Life Insurance Co., according to statements from MassMutual and Denise Nappier, the Connecticut state treasurer.
Mr. Corbett will start at MassMutual on May 23. “(He) will be responsible for MassMutual's overall investment strategy, as well as oversight of the company's general investment account,” said the MassMutual news release.
Thomas M. Finke, chairman and CEO of MassMutual subsidiary Babson Capital Management, has been CIO of MassMutual in addition to his Babson role since December 2008, the MassMutual release said.
Lee Ann Palladino was named interim CIO and head of the Connecticut pension funds management division, according to the treasurer's news release.
Ms. Palladino has been deputy CIO since August 2009.
Mr. Corbett has been CIO and head of the treasurer's pension funds management division since July 2009, according to the treasurer's release. “Connecticut has been well-served by Tim's exceptional skills and affable professionalism,” Ms. Nappier said in the treasurer's news release.
Mr. Corbett will report to Roger Crandall, chairman, president and CEO of MassMutual, the MassMutual news release said.
“Mr. Finke will continue to lead Babson Capital as chairman and CEO and focus on continuing to build its business through growth opportunities,” the MassMutual news release added.
Christine Shaw, chief of staff for Ms. Nappier, declined to comment. MassMutual spokesman Jim Lacey did not provide additional information by press time. A call to Mr. Corbett was not returned by press time.
