(Symphony Hall, Springfield, Mass. Photo credit: Daderot)
MassMutual (Springfield, Mass) has appointed Geoffrey J. Craddock as Chief Risk Officer, effective immediately. Craddock reports directly to Chairman, President and Chief Executive Officer Roger W. Crandall and joins MassMutual from its OppenheimerFunds, Inc. asset management affiliate.
The insurer reports that Craddock moves into a position previously held by Elizabeth A. Ward prior to her being named MassMutual’s Chief Financial Officer, and assumed on an interim basis by Brad Hoffman. As Chief Risk Officer, Craddock will be responsible for identifying and managing global operational and reputational risks across MassMutual and its subsidiaries, while establishing the appropriate strategic priorities for the Enterprise Risk Management function, according to a company statement. Hoffman will continue to be a part of MassMutual’s Enterprise Risk Management team, reporting to Craddock.
“This is an executive leadership role that continues to grow in importance, given our unwavering commitment to protecting the company and policyowners by identifying and managing the increasing risks all major companies face in today’s rapidly evolving world,” Crandall comments. “In addition to his track record as a highly regarded professional with 20 years of risk management experience, Geoff has a total of 30 years as a financial markets professional—making him an ideally suited leader to drive a holistic risk management approach across our organization. We are delighted to welcome him as our new Chief Risk Officer.”
Trading and Brokerage Career
Craddock began his career in the 1980s in a range of trading and brokerage positions with various investment banks in Europe, including Charterhouse Bank; Banque Indosuez; Donaldson, Lufkin & Jenrette; Paine Webber, and Phillips & Drew.
MassMutual relates that upon joining OppenheimerFunds in 2008 as Director of Risk Management—and following a period of historic financial volatility in markets around the world—Craddock played an integral leadership role in successfully advancing the firm’s risk management and asset allocation capabilities, including governance structure. He was appointed OppenheimerFunds’ Chief Risk Officer in 2010.
Before his tenure at OppenheimerFunds, Craddock was Global Head of Market Risk Management for Canadian Imperial Bank of Commerce (CIBC) where he oversaw global market risk management for the bank’s investment banking, trading and retail activities.
Craddock holds an MBA from Cranfield School of Management (Bedford, England) and a BA/MA from Magdalene College, Cambridge. He is a member of the Investment Company Institute, the Global Association of Risk Professionals Risk Managers’ Forum and the Risk Management Association.
A board member and chair of the National Eating Disorders Association, Craddock is also a board member and Vice President of Magdalene College Foundation and a former senior trustee and deacon of Stanwich Congregational Church in Greenwich, Conn. At OppenheimerFunds, he was the leadership sponsor of the firm’s charitable corporate giving program.