In less than three years at Penn Mutual, Eileen’s presence as a leader of the company and within our industry has been exemplary.
Horsham, Pa. (Vocus) October 21, 2010
The Penn Mutual Life Insurance Company is pleased to announce that Eileen C. McDonnell, current president of the 163-year old company, will succeed Robert E. Chappell as Chief Executive Officer.
Chappell, who has led the mutual company to its current position as one of the most respected companies in the life insurance industry, will retire after 16 years in the position, but will remain as chairman of the board.
The change will become effective on February 18, 2011. “In less than three years at Penn Mutual, Eileen’s presence as a leader of the company and within our industry has been exemplary. She is a dedicated advocate for the complete value of life insurance for American families, a forward thinker and committed to continuing to build momentum for Penn Mutual in the years ahead,” Chappell said.
McDonnell is one of only a few females holding the CEO position at a major U.S. life insurer. She joined Penn Mutual in February 2008 as Executive Vice President and Chief Marketing Officer, and Chairman of the Board of Hornor, Townsend & Kent, Inc. She is also a member of the Janney Montgomery Scott LLC Board of Managers, and the Board of Directors of Pennsylvania Trust. She will retain both those positions and her position as a member of the Penn Mutual Board of Trustees.
“It is an honor to be named chief executive officer and it has been a tremendous pleasure to work with Bob Chappell, an executive who has set standards for performance and integrity that are unmatched in my professional experience. This smooth and well-orchestrated transition is just one example of this. Bob’s keen focus on our business fundamentals—mutuality, financial strength, and the power of relationships—has helped the company grow into one of the most respected in the industry. In addition, he has built one of the strongest executive teams the company has ever had. All of us are all excited about the prospects for our company as we move into the future,” McDonnell said.
McDonnell is a 23-year veteran of the financial services industry. She was president of New England Financial, a wholly-owned subsidiary of MetLife and senior vice president at Guardian Life Insurance Company. McDonnell also held positions at AXA/Equitable. In addition, she was a member of the Master of Science in Management faculty at The American College, where she held the Chair for Women and Financial Services.
An active industry participant, Eileen is a member of the Board of Directors of LL Global, Inc., the holding company for LIMRA International and LOMA. She has also served on the Board of the Insurance Marketplace Standards Association (IMSA) and is a National Advisor for Vision 2020.
McDonnell graduated from Molloy College, Rockville Centre, New York. She formerly served as member of the Molloy College board of trustees. McDonnell earned her MBA in finance and investments from Adelphi University, in Garden City, NY.
(LOCAL ONLY): McDonnell and her family reside in Doylestown, PA.
About The Penn Mutual Life Insurance Company
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life’s possibilities through life insurance and annuity solutions. This is accomplished through a national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.
2010 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044.