Good morning. Betsy Ward, CFO of MassMutual, will retire at the end of this year. Looking back on her 30-year career at the insurance giant, which saw her become the firm's first female CFO, Ward shared insight on achieving longevity at one company.
Her first piece of advice—make it known that you are ready and willing to take on new challenges.
“I do think it's important that people understand your intellectual curiosity, your energy and passion, your broader interests, and that you aren't just in love with what you do now,” Ward explained. Your manager may not always ask you where you want to take your career, she said. “You have to let it be known.”
A strategic CFO
The University of Rochester, where Ward earned a bachelor’s degree in economics and Spanish, was a catalyst for her strategic thinking skills. She recalled one particular assignment when an economics professor instructed students to write a letter to the editor of a popular financial publication, like Fortune, she said. Her strategic mindset later propelled her into a long-term career at a Fortune 500 company where she has made a big impact.
Ward played a key role in leading MassMutual through “unprecedented growth” and she was a "driving force across multiple transformative transactions," CEO Roger Crandall said in a statement last month. That includes a modernization of the company’s finance processes.
For 2023, MassMutual reported $39 billion in sales from its domestic insurance operations. Meanwhile, the popularity of its wealth management solutions saw total client assets grow to $245 billion. The company announced in March that it topped $1 trillion of protection for its life insurance policy owners. MassMutual, No. 102 in the Fortune 500 moved up two spots this year. The company has earned a spot on the list for the past 30 years.
Ward was promoted to CFO in 2016 after serving in several leadership positions. “I kind of had three careers at one company—working in investment management, risk management, and as CFO in finance,” she said.
As the chief enterprise risk officer during the global financial crisis that began in late 2007, Ward worked closely with Michael Rollings, the chief financial officer at the time. “At one point, he asked me, ‘Do you want to be CFO?’” Ward recalled. “I said, ‘Well, I'm not an accountant.’”
But when he emphasized the strategic part of the role, it became more attractive and interesting to Ward. “I was aware that he put me on his succession planning list,” she said.
Upon Ward's retirement, Mary Jane (MJ) Fortin will succeed her as CFO, on Jan. 1. Fortin was previously the president and chief commercial officer at Thrivent Financial.
The next chapter
I asked Ward to share one of the best pieces of career advice she’s ever received. “It isn't just about outperforming,” Ward said. “It’s also about networking and thinking about what's next for you, picking and owning your development plan.”
And speaking of what’s next, I asked Ward what she’s looking forward to in retirement. She will pursue board work to feed her intellectual curiosity, she said. Also at the top of her list is spending more time with family and traveling.
“I have a number of trips planned that include sailing and cycling,” Ward said.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
