The Equitable Life Assurance Society of the United States is the principal insurance subsidiary of The Equitable Companies Incorporated. Mr. McCaffrey began his career in the Underwriting and Issue Area of The Equitable in 1954 and has since held two dozen positions as he moved up the ranks. He became Executive Vice President of Equitable Life in 1986, its Chief Administrative Officer in 1988, and was elected to Senior Executive Vice President and Chief Operating Officer in February 1996. In recent years, Mr. McCaffrey managed the administrative work of Equitable's demutualization and coordinated company-wide cost reductions efforts. In 1996, he assumed responsibility for Agency Operations, Marketing, the Income Management Group and Investment Management, along with other operations areas.

   Mr. McCaffrey's background in cost-effective administration was instrumental in his appointment, in 1982, to head an executive task force commissioned by the Grace Commission in Washington, DC to review the mission, organization, and expense levels of the US Department of Transportation. Task force recommendations resulted in $3 billion in savings.

   Mr. McCaffrey is Chairman of the Board of Xavier University of Louisiana, New Orleans, the Outreach Project, Inc., New York, and Member of the Board of Innovir Laboratories, Inc., New York. Active in civic and church affairs, Mr. McCaffrey was a recipient of the Cathedral Club of New York Man of the Year Award in 1990, saluting his exemplary record of achievement in both business and community organizations. In 1994, Mr. McCaffrey received the degree of Doctor of Humane Letters from Marymount University in recognition of his outstanding accomplishments as a business leader.

   Mr. McCaffrey is a graduate of New York University with a B.S. degree and the Columbia University Graduate School of Business where he received an M.S. degree.

   His many past affiliations include: Member of he Board of Directors of the Boy Scouts of America; Member of Columbia University's Graduate School of Business Management of Organizations Advisory Board; Member of the Board of the New York Chamber of Commerce; Commissioner, National Commission on Working Women; Chairman of the Board of the Deafness Research Foundation; Member of the Board of the National Puerto Rican Coalition; and Member of the Board of the National Catholic Education Association.

   Mr. McCaffrey and his wife reside in Queens, New York.

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