(SPRINGFIELD, Mass. ) - The Board of Directors of the Massachusetts Mutual Life Insurance Company ("MassMutual") today announced that it terminated for cause Robert J. O'Connell's employment as the Company's Chairman, President, and Chief Executive Officer, effective immediately. On June 2, 2005, the Company gave Mr. O'Connell notice of its intent to terminate his employment. That notice was required under the terms of Mr. O'Connell's employment agreement.
In taking this action, the Board unanimously determined that Mr. O'Connell had engaged in a systematic and pervasive pattern of willful abuse of authority, violations of the Company's code of conduct, and other acts of willful gross misconduct.
Among the specific reasons the Board cited for its action were:
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