Amalgamated Life Insurance Co. in White Plains has announced that Paul Mallen will take over as its CEO and president.Mallen, previously the company’s executive vice president and CFO, succeeds David J. Walsh, who will retire after holding the dual titles of president and CEO for a decade.
Founded in 1943 by labor organizer Sidney Hillman, Amalgamated Life provides a range of insurance products including life insurance coverage, accidental death, medical stop loss and disability. It is the flagship company of the Amalgamated Family of Cos.
Mallen joined the company in 2005 and has served for 12 years as CFO. Walsh, who will turn 69 this year, said in the company announcement that the leadership transition has been in development for 18 months.
Archives: 2013 Business Journal profile of Walsh
“With the help of a great management team and the backing of our board, I can look back at my 10-year tenure with Amalgamated and see that we’ve accomplished a great deal,” Walsh said.
It was early in Walsh’s tenure that the company landed at its current headquarters in White Plains. After considering locations in Newark and lower Manhattan, the company moved north from Manhattan and signed a 16-year lease in 2008 for 132,000 square feet at 333 Westchester Ave. The 500,000-square-foot building is the former General Foods headquarters building, now owned by the Cohen Brothers Realty Corp.
In retirement, Walsh plans to finish finish his Ph.D. and teach at the university level. He also will continue teaching scuba diving and emergency first response courses, according to the company announcement.
Before joining Amalgamated, Mallen held senior positions with consulting and financial services firms, including FTI Consulting and Deloitte LLP.
Walsh said in a statement that Mallen “has proven himself as a focused and competent leader with vision, technical expertise and superior values and character. He is ready to lead the company and I am confident he will do an excellent job.”