President of MetLife Individual Business Resigns

The president of MetLife Inc.'s individual business has resigned from her executive position and all other positions at the company.

Lisa M. Weber resigned Sept. 3 and her employment will end by Dec. 31, according to a Form 8-K filed with the U.S. Securities and Exchange Commission.

Under the separation agreement, Weber "may not work for certain competitors of MetLife, interfere with MetLife's business relationships or solicit employees to leave MetLife through 2010, among other terms," the filing said. In return, she will receive a payment of $5 million, each of her outstanding stock options can be exercised through the rest of its term, and other considerations, the largest U.S. life insurer said.

In July, MetLife (NYSE: MET) said it's combining its institutional and individual businesses, as well as its automobile and homeowners insurance unit, into a single U.S. business to increase its distribution channels and streamline operations (BestWire, July 15, 2009). With the move, William J. Mullaney, president of MetLife's institutional business since January 2007, was named president of the new U.S. business group. Previously, he served as president of MetLife Auto & Home.

On the morning of Sept. 4, MetLife's stock was trading at $36.29 a share, up 0.41% from the previous close.

Metropolitan Life Insurance Co. currently has a Best's Financial Strength Rating of A+ (Superior).