Neuberger Berman Elects MetLife CEO Steven A. Kandarian to Its Board of Directors
Alexander Samuelson, 212.476.5392, Alexander.Samuelson@NB.com
New York, April 7, 2015 — Neuberger Berman, one of the world’s leading employee-owned investment managers, is pleased to announce that Steven A. Kandarian, president, chairman and chief executive officer of MetLife, Inc. (NYSE: MET) has been elected to Neuberger Berman’s six-member board as an independent director, effective March 27, 2015.
Mr. Kandarian replaces Thomas A. Knott. The transition marks another milestone for Neuberger Berman, which in December 2014 purchased all the remaining common equity not previously owned by employees. Four hundred sixty five of Neuberger Berman’s more than 2,100 employees now own equity in the firm.
Mr. Kandarian was named president and CEO of MetLife in May 2011 and chairman of the board in January 2012. MetLife is one of the largest life insurers in the world and a leading provider of insurance, annuities, employee benefits and asset management to approximately 100 million customers in nearly 50 countries. From 2005-2011, Mr. Kandarian served as MetLife’s chief investment officer, during which time his oversight of the company’s investment portfolio enabled MetLife to successfully navigate the global financial crisis and emerge in a strong financial position.
From 2001-2004, Mr. Kandarian was executive director of the Pension Benefit Guaranty Corporation, a U.S.-government-owned corporation that insures private sector defined benefit pension plans. Previously, Mr. Kandarian had a 20-year career in private equity and investment banking. Mr. Kandarian earned his B.A. from Clark University, J.D. from Georgetown University and M.B.A. from Harvard Business School.
“Steve is a world class executive and investor,” said George Walker, Neuberger Berman’s chairman and CEO. “He has successfully led MetLife and contributed substantially to its global expansion. It would be difficult to construct a more ideal background for a board member to help oversee our global investment management firm. We are thrilled he has agreed to join us.”
With the unanimous support and nomination of Neuberger Berman’s Partnership Committee, Mr. Kandarian was elected to serve as a director for a three-year term.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 18 countries, Neuberger Berman’s team is more than 2,100 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $250 billion in client assets as of December 31, 2014. For more information, please visit our website at www.nb.com.