Massachusetts Mutual Life Insurance Co., the 165-year-old, policyholder-owned carrier, promoted Elizabeth Ward to chief financial officer, replacing Michael Rollings who is joining Vanguard Group as CFO.

Ward is chief enterprise risk officer and chief actuary and will take the CFO role on June 1, the Springfield, Massachusetts-based company said Wednesday in a statement. She will continue to report to chief executive officer Roger Crandall.

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