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NAVA Names Mark Casady, Chairman and CEO of LPL Financial, New Chairman of the Board and Names Three New Board Members
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| Copyright: | PR Newswire | | Source: | PR Newswire | | Wordcount: | 832 |
NAVA Board to Help Ensure Retirement Security for All Americans and Expand Association's Position as Premier Annuity Industry Educational and Consumer Advocacy Organization
RESTON, Va., Nov. 5 /PRNewswire/ -- NAVA (www.navanet.org), the Association for Insured Retirement Solutions, today announced the election of Mark Casady, Chairman and CEO of LPL Financial Services, as the Chairman of its Board of Directors. Mr. Casady replaces Clifford Jack, Executive Vice President, Chief Distribution Officer of Jackson National Life, who will remain on the NAVA board until the conclusion of his three-year term in late 2009.
NAVA also announced that James Shepherdson, AXA Equitable, has been named Vice Chair, and Robert Arena, Hartford Life, Inc., and Christopher Grady, Genworth Financial, have been elected to the NAVA board. The new Chairman, Vice Chairman and Board Members were officially ratified by the NAVA membership at NAVA's 2008 Annual Meeting, in Philadelphia, PA.
"I am very excited about Mark Casady's becoming NAVA's new board Chair," said Cathy Weatherford, President and CEO of NAVA. "He follows the successful tenure of Clifford Jack, who remains an integral part of our leadership team. Mark's extensive experience working with advisors, his significant financial market acumen and his highly-respected industry stature ideally position him to take the reins of our board at this time of financial turmoil."
"In addition, I am extremely pleased that James Shepherdson, Robert Arena and Christopher Grady have joined the NAVA board. Each brings a wide range of diverse talent and experience that will be invaluable in helping NAVA provide its members with important services and resources," added Weatherford. "I believe that the next 12 months pose challenges for our industry and all Americans planning for and living in retirement. I am confident that this board has the wherewithal to meet those challenges and to make a positive difference."
Each year, the NAVA Executive Committee proposes new board members for consideration for a three-year term, and a new chairman for a one-year term. With this year's election, NAVA expanded its board from 19 to 21 members. Each member represents a specific area of the NAVA membership, including insurers, annuity distributors, money managers, and service providers:
-- Mark Casady, Chair - Chairman and CEO, LPL Financial Services -- Catherine J. Weatherford, President - President and CEO, NAVA -- James A. Shepherdson, Vice Chair - Executive Vice President, AXA Equitable -- Thomas F. Streiff, Secretary - Managing Director, UBS Investment Bank -- Wesley W. Mayer, Treasurer - Principal, S4 Consulting -- Robert M. Arena - Executive Vice President, Hartford Life, Inc. -- John L. Carter - President, Nationwide Financial -- W. Thomas Conner - Partner, Sutherland -- Michael K. Farrell - Executive Vice President, MetLife -- Lynne Ford - Executive Vice President - Managing Director - Retail Retirement Group, Wachovia Corporation -- Michael J. Gilotti - Business Development, General Re-New England Asset Management, Inc. -- Christopher J. Grady - President & CEO Retirement Income, Genworth Financial -- Clifford Jack - Executive Vice President, Chief Distribution Officer, Jackson National Life -- William F. Loehning - Executive Vice President, Institutional Distribution Group, Fidelity Investments Institutional Services -- Marc Mayer - Executive Vice President, AllianceBernstein, Chief Investment Officer of Blend Solutions, AllianceBernstein -- Hugh C. McHaffie - President Wealth Management, John Hancock Financial Services, Inc. -- Kathleen Murphy - Chief Executive Officer, US Wealth Management, ING U.S. Financial Services -- David Odenath - Head, Americas Asset Management, Senior Executive Vice President, Legg Mason, Inc. -- Douglas J. Ongaro - Executive Vice President, PIMCO -- George D. Riedel - Vice President, Director - Diversified Intermediary Services, T. Rowe Price Group, Inc. -- Frank Zafran - Managing Director, Morgan Stanley Global Wealth Management Group
As the annuity industry's trade association, NAVA addresses the need for and importance of retirement income preparation and management for retirement-focused Americans, and provides educational and informational resources to its members and the public. NAVA also helps protect consumers by encouraging adherence to the highest ethical standards by insurers, distributors and all other participants in its diverse industry.
An annuity is a long-term retirement vehicle offering a combination of insurance benefits, tax-deferred savings and guaranteed lifetime income payments. Variable annuities allow individuals to invest in a variety of underlying fixed and equity funds, and provide returns based on the performance of these funds. Valuable annuity insurance features include beneficiary protection in the form of the guaranteed minimum death benefit, and living benefits which protect against downside market risk. A variable annuity also offers the ability to convert retirement savings into a steady "paycheck" for life, similar to pension plan payments.
About NAVA
NAVA, Inc., the Association for Insured Retirement Solutions, is a non-profit trade association located in suburban Washington D.C.
NAVA provides a variety of services to the industry, including educational forums, research, and conferences aimed at furthering the development and understanding of fixed and variable annuities, income annuities and variable life insurance.
SOURCE NAVA
CONTACT: Kathleen Driscoll McKee of NAVA, +1-703-707-8830, ext. 17, kmckee@navanet.org; or George Millington, +1-408-369-7200, ext. 2974, NAVA@walt.com, for NAVA
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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