Amalgamated Life Insurance Company has a new president: Paul Mallen.

Mr. Mallen, who previously was the company's executive vice president and chief financial officer, succeeded David J. Walsh, who retired.

Lynne Fox, the chair of Amalgamated Life's board, stated, "We thank Dave for his decade of outstanding leadership and success. Paul was a key part of that success. The board unanimously elected Paul to succeed Dave as our new president and CEO. He has our full support and we are delighted that he will be leading us in the coming years."

"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," said Mr. Walsh. "Through a well-conceived and implemented reorganization, the establishment and adherence to best in class customer service, and the expansion of both our product lines and our national footprint, Amalgamated Life has attained a new level of stature within the industry and the markets we serve."

When asked about his successor, Mr. Walsh noted that he is going to be 69 this year and his retirement and the transition of leadership to Mr. Mallen had been in development for over 18 months. "Paul has been the chief financial officer of the company for the past 12 years," said Mr. Walsh. "During that time, he 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."

Since joining Amalgamated in 2005, Mr. Mallen has held responsibility over multiple areas of operation. According to Mr. Mallen, "As CFO, I was involved in all aspects of the business; not only for the finance function, but also had the IT, underwriting, insurance operations, and facilities units reporting to me. Additionally, I worked closely with sales and other business units and was significantly involved with the company's strategic planning."

Prior to joining Amalgamated, Mr. Mallen was a managing director at FTI Consulting and a senior manager at Deloitte, where he was a merger and acquisitions specialist. His career also has included his role with Citibank in the acquisition finance and global media and communications commercial banking groups.

Mr. Mallen is a certified public accountant who holds an M.B.A. in finance and international business from the New York University Stern School of Business and a B.B.A. in accounting from Emory University. He also graduated from Citibank's Institute for Global Finance where he was credit trained.