The positive role of Sam Foti in the insurance industry
Sam Foti has contributed significantly for the insurance industry in the United States. He was one of the pioneers of demutualization campaigns of mutual-life insurers. This has now become a standard procedure in the insurance industry. In his role as the President and Chief Operating Officer of The MONY Group Inc., Samuel J. Foti has strived hard to make his company profitable.
He undertook a number of measures that looked risky at the time but ultimately proved to be financially rewarding. He implemented revenue saving strategies that included a down-sizing of the work force and early retirement plans, among other things. His role in extending the distribution channels of the company and using the Internet as a main tool helped in reducing costs and hiring excellent professionals; other career management tools and best practices were also introduced during his tenure.
Samuel Foti was instrumental in realigning the company’s business after its acquisition by AXA Financial in 2004. The $60 million deal was finalized after lengthy negotiations and reorganization of the company. He still retains his management positions despite the fact that The MONY Group is now a wholly-owned subsidiary of AXA.