When Steven Rich took over, he said he wanted more transparency. Like Tiaa-cref does, put on the Mutual of America website, the salaries and compensation of all Executive VPs and above along with Board members compensation. Steve should also make public internally all Board of Directors & Committee meeting minutes. The Board needs to hear from front line employees and what they need. Instead of the filter from management to the Board, the Board needs to hear directly from employees. We need a new board. Average age of current board is 75. That's craazzy. We need young bucks that will force change and hold management accountable. There was another employee survey recently. Two yrs ago there was one and the full results were not shared. Not transparent at all. Stop the cover up and admit the flaws. Don't hide the flaws Steve. Level with the current employees. Give us a financial update monthly. Monthly Webex for 1 hour for all employees to attend. Fix the abysmal client facing areas like Client Operations and Regulatory Services. Plan Audits. 5500s. Compliance testing. All abysmal. None of the Executives overseeing those areas have not been held accountable for their decisions. None. Why Steve ? Fix what is broken and clients will stay. New outside management will only fix it. Transparency. Don't fall into the same hide and cover ups like your predecessor. Transparency and accountability Steve.
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Mutual did have an anonymous reporting line. But the Board should not have needed that to see what was going on.
The company has been run the same way for 40 years. The top people hired were always people that couldn't make it in other companies especially C. Festog who left MOA and retured after he was let go the company he went too.
The only one who backed him was J Greed. Birds of a feather flock together.
The company was great under W. Flynn .
The financial difficulty would never have happened under W. Flynn and T. Moran.
A Whistleblower hotline is so desperately needed. An anonymous ethics line where corporate greed, malfeasance, and coverups can be fully lodged, investigated, and exposed. The new CEO said he wants transparency. Well, put your money where your mouth is. The Board of Directors should publish un redacted meeting minutes for each board meeting and distribute then to employees. Then, allow for comment. Members of the Board should interview front line employees in the field so the ineptness of Senior Executives can be exposed. Release the full results with comments of the employee culture survey. What is the CHRO afraid of ?
Many we’ll run companies make an anonymous communication from an employee the Board easy to do. The Board should be smart enough to sort through what are just disgruntled employees and what are true concerns to be reviewed.
Had Mutual had such a system in place, the Board would have realized much sooner what deep trouble Greed/Festog caused. A shame this wasn’t in place.