AmEx Insurance Unit Loses CEO
December 17, 2001
Pamela Moret, CEO of IDS Life Insurance Co., a subsidiary of American Express Financial Corp., is leaving the company in January after nearly 20 years with the Minneapolis-based firm.
Moret is leaving to assume the post of senior VP of marketing for the soon-to-be-merged Aid Association for Lutherans/Lutheran Brotherhood (AAL/LB), also located in Minneapolis. At $55 billion in assets, the combined AAL/LB will serve approximately 3 million clients.
"This is a new position that was created for the merged organization, and this was a pretty intense search that started almost immediately after the announcement of the merger in June," said Bill Harke, an AAL spokesman.
AAL/LB anticipates that Moret's appointment will help establish the merged companies. Her experience at American Express, where she also served as a senior VP of products, will serve her well in her new position, said Lutheran Brotherhood CEO Bruce Nicholson. "Her proven success in leading people, identifying customer markets and developing products and brands will enable the merged organization to become a best-of-class provider of financial products and services," he said in a statement.
American Express has not yet named Moret's replacement. Jim Cracchiolo, group president for Global Financial Services, is currently reassessing the structure and is expected to announce a decision in the first quarter of next year, the company said.
After starting in the legal department at American Express, Moret eventually went on to manage the firm's variable assets and services, becoming CEO of IDS Insurance in 1999.