Report: MassMutual says 'conduct' by CEO led to ouster; others let go

SPRINGFIELD, Mass. (AP) _ MassMutual Financial Group said that its chief executive was ousted for reasons involving his ``conduct,'' according to a newspaper report Saturday. Two other top executives

Sunday, June 5th 2005, 7:25 am

By: News On 6

SPRINGFIELD, Mass. (AP) _ MassMutual Financial Group said that its chief executive was ousted for reasons involving his ``conduct,'' according to a newspaper report Saturday. Two other top executives have also been let go.

Former CEO Robert O'Connell was fired without explanation Thursday and replaced by Stuart Reese, who has been the mutually owned company's executive vice president and chief investment officer since 1999.

James Lacey, a spokesman for the insurer, told The (Springfield) Republican that the issues ``that led to the action (Thursday) involve Mr. O'Connell's conduct and do not affect the company's financial strength or its operations going forward.''

O'Connell said in a statement Thursday that he plans to exercise certain rights within his contract but did not specify his intentions.

The newspaper also reported that Susan Alfano left Thursday as executive vice president for enterprise systems and services and Ann Lomeli departed Friday as senior vice president, co-general counsel and secretary.

The Associated Press could not locate a Springfield-area phone listing for Alfano Saturday. A phone message left at a listing under Lomeli's name was not immediately returned.

O'Connell became chief executive in 1999 at Springfield-based MassMutual, which was ranked No. 83 this year in Fortune magazine's annual list of the nation's largest companies. The company had $23.2 billion in revenue last year and more than $350 billion in managed assets as of March 31.