#USA #Philadelphia #Financial Management #Penn Mutual #Rick Klenk

Rick Klenk Promoted to Chief Financial Officer at Penn Mutual

The Penn Mutual Life Insurance Company has announced the promotion of Rick Klenk to the esteemed position of Chief Financial Officer (CFO), effective from March 17, 2025. This significant move indicates the company's commitment to maintaining its robust financial strategies and enhancing product management as it continues its legacy of financial stability that has lasted 178 years.

A Leader in Financial Management

Rick Klenk is not new to the financial landscape of Penn Mutual. With over 35 years of extensive experience, he has played various integral roles within the organization. Prior to his promotion, Klenk served as the CFO for Life Insurance and Annuities, where he has already made substantial contributions to the company's performance and risk management strategies. His journey began as an actuary at Penn Mutual, subsequently leading him through leadership positions at reputable organizations such as Nationwide and Lincoln Financial Group, where he held titles including Corporate Chief Actuary and Chief Risk Officer.

In expressing confidence in Klenk's capabilities, Dave O'Malley, the Chairman, President, and CEO of Penn Mutual, emphasized Klenk's profound understanding of the core business. O'Malley stated, "Rick has demonstrated exceptional leadership within Penn Mutual's financial management teams and throughout the course of his career. His leadership will be crucial in maintaining our financial strength and stewardship."

Transitioning Leadership

Klenk's ascent comes following the planned departure of Dave Raszeja, who dedicated over 22 years of service to Penn Mutual. Raszeja has been pivotal in refining Penn Mutual's financial management infrastructure and amplifying its financial management organization. Understanding the importance of this transition, Raszeja will provide support to Klenk until June 30, 2025, ensuring a seamless handover.

The transition to Klenk as CFO is timely, especially as Penn Mutual demonstrated unmatched financial performance last year, achieving the highest surplus in its history. The company has also announced record-breaking dividend awards for its policyholders in 2025, underlining the success of its financial strategies.

About Penn Mutual

For over 175 years, Penn Mutual has been a cornerstone of the life insurance industry, specializing in empowering individuals, families, and businesses to achieve their financial aspirations. Through a network of Financial Professionals across the U.S., Penn Mutual offers a wide array of products and services tailored to meet various financial needs, including life insurance, annuities, wealth management, and institutional asset management.

With Klenk stepping into this crucial role, Penn Mutual is poised not only to navigate the challenges of the contemporary financial landscape but also to continue thriving, adhering to its mission of providing impeccable service and innovative solutions to Financial Professionals and their clients.

To find out more about Penn Mutual's impressive financial strength and services, you can visit their official website at www.pennmutual.com.