New York Life’s Senior Vice President Mark Madgett will succeed Executive Vice President Mark Pfaff as head of the Agency Department, which manages the company’s field force of 12,000 career agents. Pfaff, 57, plans to retire from the company at year-end, following 30 years of distinguished service.
Madgett, 54, joined New York Life as an agent in Colorado in 1986. In September 2014, he moved to the company’s Home Office, where he has been working closely with Pfaff in managing the Agency Department. He will continue in that capacity until Pfaff’s retirement at year-end, when he will assume the leadership of the Agency Department and begin reporting to New York Life President John Kim.
Ted Mathas, Chairman and CEO of New York Life, said, “New York Life has a deep bench of executive talent and experience that has enabled us to remain at the front of our industry in providing policy-owners and customers with the solutions and service they need for the protection of their families and businesses, and for delivering on their long term goals. Mark Pfaff has had a tremendous career with New York Life, as an agent, as a manager in the field, and as a Home Office executive.
Throughout his career, Mark has drawn on his background as a teacher and coach to develop those around him and share his experience and judgment. I feel extremely fortunate to have had Mark’s competitive intensity and personal integrity guiding the daily activities of our career agents during my first seven years as CEO. When Mark retires at the end of the year, we will have one of Mark’s protégés, Mark Madgett, stepping in to lead our Agency and our 12,000 licensed agents across the country. Mark is a New York Life veteran who also began as an agent and became one of our top field managers. For the past year he has been here in the Home Office working closely with Mark Pfaff and making excellent contributions. We look forward to many more contributions from Mark Madgett in the years ahead.”
Madgett received a Bachelor of Science degree in business from Saint Mary’s College of California in 1983. Over the years, he has won numerous company awards for his management skill.
Pfaff joined New York Life as an agent in New Jersey in 1985 and entered sales management in 1988. He joined the Home Office in 2006 as senior vice president in charge of the Agency Department. He was appointed to the company’s Executive Management Committee in 2007, and was elected an executive vice president in 2009. Under his Leadership, the company saw agency life insurance sales grow each year in a flat market, while the field force under him expanded by 42 percent since 2005.