PHILADELPHIA, PA – The Penn Mutual Life Insurance Company announced the promotion of Rick Klenk to Chief Financial Officer. In his new role, Klenk will be responsible for overseeing the firm’s financial strategy and leading its financial management, risk management, and product management teams. This move is intended to bolster Penn Mutual’s financial stability as it approaches its 178th anniversary.
Klenk brings over 35 years of relevant experience in risk management, actuarial science, and financial leadership to his new position. Before his promotion, he served as the CFO for Life Insurance and Annuities at Penn Mutual, where he demonstrated strategic insight and operational expertise. Previously, Klenk held leadership roles at Nationwide and Lincoln Financial Group, including Corporate Chief Actuary and Chief Risk Officer.
“I’m pleased to congratulate Rick on his promotion to Chief Financial Officer,” said Dave O’Malley, Chairman, President, and CEO of Penn Mutual. “Rick has a deep understanding of our core business and has demonstrated exceptional leadership within Penn Mutual’s financial management teams and throughout the course of his career. I’m confident that with Rick’s leadership, we will continue to maintain Penn Mutual’s financial strength and stewardship.”
Klenk assumes the position following the planned departure of Dave Raszeja, who served Penn Mutual for more than 22 years. Raszeja significantly contributed to advancing the company’s financial management infrastructure and will assist with the transition until June 30, 2025.
Klenk earned a bachelor’s degree in actuarial science from Lebanon Valley College. He is also a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. His promotion highlights Penn Mutual’s ongoing commitment to stability, innovation, and financial excellence.
