The new CEO is still shaking things up at Mutual of Omaha

Mutual_of_OmahaSteve’s breakdown: Since James Blackledge came on board, there’s a new CMO, Chief Information Officer and now Chief Investment Officer. All this change makes us think there’s a chance of an agency change as well.

OMAHA, NE: Mutual of Omaha Insurance Co., the company founded in 1909, hired Prudential Financial Inc.’s Richard Hrabchak as chief investment officer to oversee a portfolio of more than $28 billion.

Hrabchak is a former CIO for Prudential’s U.S. retirement businesses, Mutual of Omaha said Thursday in a statement. He replaces Rick Witt, who retired, according to a spokesman.

Mutual of Omaha Chief Executive Officer James Blackledge bolstered management since taking over in 2015. He hired Hartford Financial Services Group Inc.’s Stephanie Pritchett as chief marketing officer, promoted Mike Lechtenberger to chief information officer and named Dan Martin to lead the individual financial services and group benefit businesses.

Hrabchak “brings an impressive leadership style, a strong performance ethic and an appreciation for the culture of mutual insurance companies,” Chief Financial Officer Dave Diamond said in the statement. The company has no publicly traded stock.

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The insurer, based in Omaha, Nebraska, holds the bulk of its portfolio in fixed-maturity securities. It had about $7.5 billion of investments in loans and $171 million in real estate at the end of March. Mutual of Omaha also reported holdings of equities and limited partnerships.

The CIO received his bachelor’s degree from Duke University and an MBA from the Wharton School at the University of Pennsylvania, according to the statement.

A spokesman for Newark, New Jersey-based Prudential had no immediate comment.


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