01/22/2025 | Press release | Distributed by Public on 01/22/2025 09:26
NEW YORK - New York Life, the largest1 mutual life insurance company in the United States, has announced planned leadership transitions in the company's Foundational Business, which delivers protection-first holistic advice and guidance to millions of customers through its 12,000 agents and advisors across the United States.
Effective Jan. 1, Executive Vice President Aaron Ball assumed the role of head of New York Life's Foundational Business, while Senior Vice President Sonali Virendra became head of Agency. This transition follows the announcement last year of Executive Vice President Mark Madgett's retirement in early 2025, marking the end of a remarkable 39-year career at the company.
"I have full confidence in Aaron and Sonali to continue driving our business forward to meet evolving customer expectations, while also advancing our commitment to our agents and advisors who deliver holistic financial guidance to our clients," said New York Life's Chair, President & CEO Craig DeSanto.
Ball previously served as co-head of the Foundational Business alongside Madgett. He joined New York Life in 2015 as head of Long-Term Care and has since become a key member of the company's Executive Management Committee (EMC). With nearly three decades of experience in the financial services industry, Ball has played an integral role in shifting the Foundational Business to a client-centric model, empowering agents and advisors to better meet the needs of individuals and families.
Virendra most recently led the field offices in the West Central Zone and is a member of the EMC. Her 27-year career at New York Life has spanned a wide array of leadership roles, including positions in management, product consulting and sales support. As head of Agency, Virendra will help drive the company's ongoing focus on agent and advisor development and client service.
DeSanto honored Madgett's legacy, stating, "Mark's visionary leadership over the years has been instrumental in modernizing our operations and strengthening our relationships with agents, advisors and clients."