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February 14, 2003
NEW YORK, February 14, 2003 - The Guardian Life Insurance Company of America is pleased to announce that Thomas G. Sorell, CFA, was promoted to Executive Vice President and Chief Investment Officer and has been elected President of The Park Avenue Portfolio© family of mutual funds.
In his new role, Sorell's main responsibilities include: shaping Guardian's investment policies; overseeing the management of Guardian's bond, stock and real estate portfolios in Guardian's general accounts; and overseeing the management of The Park Avenue Portfolio Family of mutual funds and the Guardian sponsored investment options offered through variable annuities and variable life insurance contracts issued by The Guardian Insurance & Annuity Company, Inc. (GIAC). His focus will include providing strategic asset allocation direction at Guardian and creating the right environment and resources for Guardian's investment managers to generate the best possible performance. Sorell will report to Dennis Manning, president and chief executive officer of Guardian.
"We are thrilled to promote Tom to this leadership position," Manning said. "With more than 20 years of experience in the securities industry, Tom has both the qualifications and track record to help the company succeed. I anticipate an excellent future for Tom and for Guardian."
Sorell succeeds Frank J. Jones, PhD., who retired from Guardian on December 31, 2002. Previously, Sorell acted as Senior Managing Director of Guardian Investor Services LLC (GIS) and Head of Guardian's Fixed Income Department. He joined Guardian in 1994 from White River Corporation, where he served as Director of Fixed Income. Prior to that, he held positions at Fund American Enterprises, Inc., AIG Investment Advisors, Drexel Burnham Lambert & Co., and Kidder, Peabody & Company.
Sorell holds a B.A. from Colgate University and an M.B.A. from New York University. He is a Chartered Financial Analyst (CFA), and a member of the Fixed Income Forum Advisory Board, ACLI - Sims Board of Advisors, AIMR and the New York Society of Security Analysts.
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