MassMutual CEO canned - was a big Repub, too.

[NewJeffCT]

And, he used to work at AIG under Hank Greenberg... but, the MassMutual board of directors canned CEO Bob O'Connell yesterday. No accounting scandals that I know of, but even their press release says that Bob was given his notice of termination. The people I know in the company were pretty shocked... the rumor mill hadn't even started yet.

Since I worked in the near sweatshop that is MM for a few years not that long ago, I'll share a few things I've heard. 1) As CEO, he would send out annual leaders to directors & higher in the company telling them that Republicans better support the Company's issues, so they should donate money to Republicans... and, if you just fill out this form & return to him he will gladly send in the contributions as being from MM. (meaning, that he'd also have a list of who gave to Republicans like he asked, and who did not...) 2) His son-in-law (or future son-in-law, I forget which) was given a job as a 2nd Vice President out of graduate school. While intelligent, they basically made a whole new position for the kid at a level way above your typical fresh out of college MBA. 3) In the posh local town in which he resided, he tried to have a helipad installed at his house. When residents objected, his response was something to the effect of: "Don't you know who I am?"

Here is an article from the Springfield local...
MassMutual CEO ousted
Friday, June 03, 2005

By MARCIA BLOMBERG

[e-mail]

SPRINGFIELD - In a move that stunned employees, business and community leaders alike, Robert J. O'Connell was ousted yesterday as chairman and chief executive officer by the board of MassMutual Financial Group.

The board named Stuart H. Reese, a top executive with MassMutual for 12 years, as chief executive officer and president.

The board gave no reason for O'Connell's termination, other than to say it was "due to certain issues, subject to his rights under his employment contract."

O'Connell's termination was effective immediately.

In the statement, O'Connell noted, as did the MassMutual statement, that the termination is subject to contractual rights. He added that he intends to exercise those rights.

O'Connell was paid about $4 million last year.

http://www.masslive.com/news/topstories/index.ssf?/base/news-0/111778520019850.xml&coll=1&thispage=1

[quiet.american]

1. What goes around, comes around!

Let's just say this Quiet American was privy to the very moment Mr. O'Connell came on board MM, to in-person meetings with Mr. O'Connell, and to the humiliating way in which he terminated a top-level, shall we say, aquaintance of mine.

How's it feel, Bob? :rofl:

[NewJeffCT]

2. Had you heard anything about what I had posted on him?

I do know that Bob's replacement, Stu Reese, is a really nice guy. Working as an insurance exec, he's probably a Republican... but, definitely not another O'Connell.

[quiet.american]

3. Haven't been in contact with that circle for some time

-- so no, nothing to add on this end -- and do agree -- like Stu Reese, too.

[NewJeffCT]

4. also found out

that Bob's daughter was head of MM's Long Term Care division. Quite an honor for somebody so young.