Former Chairman & CEO of John Hancock Financial Services
Stephen L. Brown of Palm Beach, FL passed away peacefully at his summer home in Osterville, Massachusetts on July 18, 2025 at age 88.
Born to Eugene and Florence Brown in Providence, RI, “Steve” enjoyed a full life as a dedicated husband, father, grandfather, friend, business leader, philanthropist, sports enthusiast and intellectual. A graduate of Middlebury College, Steve began his career as an actuary with John Hancock Financial Services in 1958, ultimately rising to Chairman & CEO of the Boston based company. He was integral in transforming what was a conservative mutual company into a multifaceted public company in 2000.
His innovations included the emphasis of sensible long-term investing in an industry that had previously just focused on pricing and selling life insurance policies. Key areas of focus included real assets such as timber, private equity and venture capital as well as public equity funds. He prioritized his role as a mentor to younger executives with a particular emphasis on the promotion of women and the introduction of on-premise day care, a unique benefit in the 1980s.
Steve was a former director of the Federal Reserve Bank of Boston; former chairman of the board of Ionics, Inc; and life trustee of the Raymond F. Kravis Center for the Performing Arts.
Following his retirement in 2001, Steve dedicated his time to philanthropy, serving on the boards of the Alfred P. Sloan Foundation, the Kravis Center for the Performing Arts, Palm Beach Dramaworks and many others. He was formerly president of the Palm Beach Civic Association. An avid golfer, Steve made the Golf Digest annual CEO rankings and was a member of several golf courses in Massachusetts and Florida. At the time of his death, Steve was a member of the Sailfish Club of Florida, The Breakers Ocean Club, and Willowbend Country Club.
He was an enthusiastic watch collector; active in weekly bridge competitions and his letters to the editor were frequently published by major newspapers until the end of his life.
Steve was married for nearly 50 years to Arleen Brown (deceased). He is survived by his children Beverly and William; along with their spouses Douglas Breitbart and Nicole Brown; and his grandkids Abigail, Delaney and Andrew. He is also survived by his wife, Jamie Kotlikoff Stern, with whom he lived for 14 years; and her children, Melissa Stern and Antony Stern, from a previous marriage.
A private family burial service will be held Thursday, July 24th. A celebration of Steve’s life will take place at a later date.
In remembrance of Steve’s life, the family asks that any charitable donations be made to Palm Beach Dramaworks or the Cape Cod Healthcare Foundation.
