MASSMUTUAL CRITICAL OF OUSTED CEO:
The recently ousted chief executive of Mass Mutual Financial Group in Springfield abused his authority by retaliating against employees who questioned him and by using policyholders’ assets for personal ends, according to his termination letter. The termination letter accuses O’Connell of “a systematic and pervasive pattern of willful abuse of authority.”
The letter, included in a court filing the company made seeking to quash a subpoena from Massachusetts Secretary of State William Galvin, details allegations that have surfaced since Robert O’Connell was fired on June 2 by the company’s board.
O’Connell has denied any wrongdoing and vowed to challenge the board’s conclusions.
The letter says O’Connell retaliated against employees “for attempting to act in the company’s best interests” and it alleges he blocked communication between employees and the board. O’Connell is also accused of letting family and friends travel on the company’s aircraft.
The Springfield-headquartered diversified financial services company has argued that Secretary of State Galvin, who oversees the securities industry, has no authority to investigate the company. Meanwhile, the state’s attorney general and insurance commissioner also are looking into the matter.
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