SBLI President & CEO Robert K. Sheridan to Retire in November
Christopher Pinkerton will join SBLI in September as President and CEO-Elect.
July 25, 2012
The Board of Directors of The Savings Bank Life Insurance Company of Massachusetts (SBLI) today announced that long-time SBLI President and CEO Robert K. Sheridan will retire as the Company’s chief executive, effective November 19. Christopher Pinkerton, 54, will join SBLI in September as President and CEO-Elect and will succeed Sheridan as President and CEO upon his retirement.
Pinkerton comes to SBLI from Toronto-based life insurer Foresters, where, as President of Foresters US, he oversaw life insurance sales across the United States. Most recently, he served as President and CEO of First Investors, a diversified U.S. financial services subsidiary of Foresters. He joined Foresters in 2005 following more than 20 years in a variety of executive positions in the life insurance and financial services industries.
Sheridan, 64, joined SBLI in 1990 as Executive Vice President and was named President and CEO in 1992. Prior to joining SBLI, he served as President of the Massachusetts Bankers Association. Following his retirement, Sheridan will continue as a member of SBLI’s board of directors.
“Bob Sheridan took a small, one-state life insurance company and over the course of 20 years transformed it into a major national competitor,” said SBLI Chairman of the Board Gerald Mulligan. “Through his leadership, he has left an indelible mark on SBLI and positioned the Company for continued growth and success well into the future.”
Mulligan noted that during Sheridan’s tenure as its President and CEO, SBLI’s geographic footprint expanded from selling products only in Massachusetts to now being licensed in 49 states and the District of Columbia. The Company’s traditional distribution channel – savings banks – was also broadened to include selling through an internal direct sales force, the Internet, and independent insurance brokers.
SBLI prospered financially under Sheridan, Mulligan said. Assets nearly tripled from $900 million in 1992 to $2.4 billion in 2011, and life insurance in force increased almost tenfold, from $12 billion to $114 billion. The Company also recorded a total of $146 million in net income and consistently maintained an A+ (Superior) financial strength rating from A.M. Best over the 20-year period.
In addition to his well-recognized corporate success, Sheridan has been known for his civic and professional involvement and his support of numerous charitable organizations.
“Bob Sheridan is a great businessman and he epitomizes corporate responsibility,” said Boston Mayor Thomas Menino. “When SBLI is involved in a project that means boots on the ground and hands helping out, and you can always be sure that Bob himself is among those physically at different events and initiatives taking part. We look forward to working closely with his successor and will sorely miss Bob.”
“Bob Sheridan’s impressive leadership of SBLI over the last twenty years has left a mark on Boston. He has demonstrated true corporate responsibility and has been generous with his time and effort in service to making Boston a better place,” said Jack Connors, former Chairman of the Board of Hill Holliday.
John Nash, President of Franciscan Hospital for Children said, “Over the years, Bob has made life brighter for many children, families and staff members here at Franciscan Hospital for Children.” Nash cited examples of Sheridan and SBLI’s involvement with the Hospital. “Through SBLI’s Sunday Sluggers, our kids and their families are going to Red Sox games; he’s organized holiday gift drives where SBLI employees have collected toys and handed them out while visiting and playing with our children. Bob has even brought special visitors like Shaquille O’Neal and Vince Wilfork here to tour and visit with the kids. Bob’s commitment also includes sitting down with the children and their families and getting to know them. We are honored to be presenting Bob with our Community Leadership Award this November. He is the real deal.”
Sheridan currently serves as Chairman of the University of Massachusetts Building Authority and is a former Vice Chairman of the UMass Board of Trustees. “Although not an alumnus, Bob Sheridan has served the University of Massachusetts with a graduate’s passion, first as a member of our Board of Trustees, where he was a strong voice on behalf of quality and affordability, and now as chairman of the UMass Building Authority, where he is a key player in our ongoing effort to physically transform all five campuses,” said Robert Caret, President of the University of Massachusetts. “Bob has worked tirelessly for UMass and his efforts will benefit the University and its students for generations to come. We look forward to many more years of friendship, partnership and success.”
In addition to his involvement with Franciscan Hospital for Children and the University of Massachusetts, Sheridan is a member of the Board of Directors of the New England Center for Children, a member of the Board of Directors and Executive Committee of the New England Council, a member of the Board of Trustees of the Massachusetts Taxpayers Foundation, a member of the Board of Trustees of Suffolk University, and a member of the Chief Executives’ Club of Boston. He also serves as Chairman of the Board of Directors for the Life Insurance Association of Massachusetts.