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New York, NY -- Joseph J. Melone, 66, today announced that he is relinquishing
his title as Chairman of The Equitable Life Assurance Society of the U.S., the principal life insurance
subsidiary of The Equitable Companies Incorporated (NYSE:EQ). He will continue as Chairman
of the Executive Committee of both The Equitable Companies and Equitable Life until his retirement
on April 1, 1998.
In conjunction with Mr. Melone's announcement, the Board of Directors of The Equitable Companies
and Equitable Life today approved the following senior management changes:
Edward D. Miller, 57, was elected to succeed Mr. Melone as Chairman of Equitable
Life. He continues as President and Chief Executive Officer of The Equitable Companies and as
Chief Executive Officer of Equitable Life. He relinquishes his position as President of Equitable
Life to Michael Hegarty, effective January 19, 1998.
Mr. Hegarty, 53, who joins Equitable from The Chase Manhattan Corporation where he was formerly
Vice Chairman, was elected President and Chief Operating Officer and a Director of Equitable Life
and Chief Operating Officer of The Equitable Companies. An experienced senior executive with
27 years in the banking industry, Mr. Hegarty succeeds William T. McCaffrey in his role as
Chief Operating Officer of Equitable Life on February 1, 1998.
Mr. McCaffrey, 61, who is also Senior Executive Vice President of Equitable Life and Executive
Vice President and Chief Administrative Officer of The Equitable Companies, announced last year his decision
to retire in February 1998 after a 44-year career with the company.
Mr. Melone, who joined Equitable in 1990, commented, "In view of Equitable's strong financial
position and the excellent leadership of my successor, Ed Miller, this presents an ideal time
for me to retire. Ed and Mike Hegarty make a great team together, with strong strategic
and managerial skills. I have complete confidence that they, along with Equitable's existing team
of highly capable and experienced executive managers, will lead Equitable to new and exciting levels
of growth going forward."
Mr. Miller, who came to Equitable in August 1997 after a 35-year career in banking, most recently
as Senior Vice Chairman of The Chase Manhattan Corporation, said, "I am very pleased to welcome Mike
Hegarty to Equitable. Mike and I worked closely together for many years -- beginning at
Manufacturers Hanover and ultimately at Chase -- and we have developed a strong professional
relationship that I am delighted will continue. Mike is a well-respected and innovative leader
who is widely recognized for his deep knowledge of the consumer financial services industry."
Mr. Miller added, "As we continue to expand our financial planning and distribution
strategies, Mike brings a wealth of experience, gained during his career in banking, in effectively
executing new strategies and directions."
Commenting on Mr. McCaffrey's retirement, Melone said, "Equitable has been fortunate to
benefit from the enormous talent, hard work and skill of one of the most highly regarded and very
best executive managers in this business -- Bill McCaffrey. Since joining Equitable in 1954,
Bill has had an extraordinary and lasting impact on the success of this company and played a key
role in our historic demutualization."
Before joining Equitable, Mr. Hegarty was Vice Chairman in charge of Tri-State Regional
Banking for Chase Manhattan Bank. As such, his area of responsibility included the
Consumer Bank, Commercial and Professional Banking, Middle Market businesses, Community Development
efforts, as well as Technology and Operations. Prior to Chase's merger with Chemical Bank
in 1996, Mr. Hegarty was Vice Chairman of the Consumer Bank at Chemical Bank. He began his
career at Manufacturers Hanover in 1970, when he entered the bank's management training program.
The Equitable Companies Incorporated is one of the world's premier insurance and investment management
organizations through its primary businesses: The Equitable Life Assurance Society; Alliance Capital
Management; and Donaldson, Lufkin & Jenrette. The Equitable is a member of the global
AXA Group, one of the world's largest and most diversified financial services companies, with assets
under management of approximately $500 billion.
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