Savings Bank Life Insurance Co. CEO and President Bob Sheridan, a major player in Boston business and philanthropy, retired yesterday after 20 years as the boss at the Woburn-based life insurer founded in 1907 by Louis Brandeis.
"Bob has shepherded SBLI through tremendous growth and success, all the while establishing the company as one of our region's most generous corporate citizens," said Jim Brett of the New England Council. "He is truly a model for the new generation of corporate leaders."
During Sheridan's tenure, SBLI has grown from a Massachusetts-only company to an insurer that sells policies in every state except New York. The outgoing CEO said yesterday: "New York has such a hostile regulatory environment. It's the Afghanistan of the life insurance business, but we'll get there."
Quick-witted, affable and self-deprecating, Sheridan opened up to the Herald in a November 2010 profile about losing both parents within a year when he was still in college.
"I'm 64. I lost both my parents when they were 64. It became an important number for me," Sheridan said yesterday when asked why he picked this year to step down. "I'd have to lie on a couch and have an analyst tell me why. If I drop dead in a few weeks, it won't have been the smartest decision. They'll say, good job, Sheridan."
Since Sheridan took the reins in 1992, SBLI's assets have climbed 150 percent to $2.25 billion and net income has risen nearly 500 percent to $17.7 million.
"I'm proud of building a national company, nurturing and developing an all-star staff and staying true to our mission, which is to provide safe, low-cost life insurance," said Sheridan, whose well wishes yesterday included a message on the Century Bank electronic sign visible from Interstate 93. "I've learned you have to stay focused, but be willing to take on risk. You will make mistakes, but you have to learn from them and move on."
"I had a front row seat watching Bob Sheridan's hard work and perseverance grow SBLI into the national company it is today. His singular focus is admirable and the result is without peer," said Andrew Calamare, executive vice president of the Co-operative Central Bank and former president of the Life Insurance Association of Massachusetts.
"I think I'll miss the people the most," said Sheridan yesterday. "I won't miss the pressure and the stress. I can feel this weight being taken off my shoulders and it feels nice."
"We were grateful to formally thank Bob Sheridan by honoring him at this year's Community Leadership Awards Dinner. For years he has supported Franciscan Hospital for Children. In our opinion, he is leaving his career on a high note, as both a well respected businessman and philanthropist," said John Nash, president and CEO of Franciscan Hospital for Children.
As for his future plans, Sheridan will serve on the SBLI — and other boards — and said: "I look forward to learning to be a grandparent. My daughter is expecting our first grandchild on Nov. 29."
As for SBLI, Sheridan said it will be in good hands with new CEO Chris Pinkerton.
"I want to feel it was mission accomplished. I want to feel I made this company better than when I got here," Sheridan said. "SBLI was a backup plan. I wanted to be a safety in the NFL, but I couldn't run fast or jump. Then, I wanted to be a Supreme Court Justice, and that doesn't look so promising."
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