This Board has gone de-ad quick. Is it vacations or are u afraid to discuss layoffs all of a sudden ? Jerome Powell spooked us all at Jackson Hole today with Fedspeake and Cap Management made some darn good cashola today with those coinbase and Intel positions...back in black sooner than you'll ever know...
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@sd
While you are right that Mr. Moran was a good man, you are wrong about his “hand selecting” his successor. A process was followed, including board participation, in which his successor, the former and longtime CFO for Mutual, was ultimately appointed CEO by the board. Some have said that Mr. Moran’s successor changed dramatically in the years after he was appointed CEO. While this may be true, one thing is certain: Responsibility for making a number of bad decisions, which adversely affected the company, lies squarely with Mr. Moran’s successor.
@sc Mr. Moran was a good man, but let’s not kid ourselves: he hand selected John Greed to be his successor. The single worst decision in the history of the company, and will be forever known as the moment that forever destroyed Mutual of America.
Mr. Moran was a person of unquestionable integrity, who adhered to the processes set forth in the company’s bylaws, including board selection. Under his leadership as CEO for 21 years, and Chairman for over 12 years, the company thrived. Mutual of America was financially strong, with sustained asset and premium growth. Quality customer service, and caring for the company’s employees and retirees, were top priorities.
Unfortunately, due to health-related issues, Mr. Moran retired as Chairman shortly before his untimely death in 2018. May he rest in peace. With Mr. Rich as CEO, and the support of employees, Mutual of America can return to the great company it was for many years under the leadership of Messrs. Flynn and Moran. Let’s make it happen!
Mutual company boards are hand picked by executive management. Therefore, executive management is not beholden to anyone but their own cronies. That’s why Tom Moran’s hand picked board let Greed and Festog plunder and destroy the company for so many years - only stepping in when it was far too late. Don’t look to the board to right the ship, there’s nothing in it for them.