By Leslie Scism
MetLife Inc. President and Chief Executive Steven Kandarian is turning over the reins of the nation's second biggest life insurer by assets to a top lieutenant, Michel Khalaf, as he sets April 30 for his delayed retirement.
Mr. Khalaf won't take Mr. Kandarian's chairman title, however. In another development, MetLife said it is creating the position of nonexecutive chairman, and the post will be held by its current independent lead director, Glenn Hubbard, dean of Graduate School of Business at Columbia University.
MetLife had signaled the potential promotion of Mr. Khalaf in June 2017 when he was named president of MetLife's core U.S. business, while retaining his role as president of the company's European, Middle East and African operations. The promotion gave Mr. Khalaf significant additional responsibilities and distanced him from other internal candidates.
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