Investment bank and financial services firm Jefferies Financial Group Inc (NYSE:JEF) today announced changes to its Board of Directors. The changes were unveiled in a filing with the Securities and Exchange Commission (SEC).

In connection with the preparation for Jefferies’ upcoming annual meeting, Stuart H. Reese and Robert E. Joyal have informed the company that they will not be standing for re-election on the Board of Directors of Jefferies Financial Group. The retirement of Mr Reese and Mr Joyal will reduce the size of Jefferies’ Board to ten Directors.

Robert E. Joyal was the President of Babson Capital Management LLC, an investment management firm, a position that he held from 2001 until his retirement in June 2003. He served as Managing Director of Babson from 2000 to 2001. He also served as Executive Director from 1997 to 1999 and Vice President and Managing Director from 1987 to 1997 of Massachusetts Mutual Life Insurance Company, a mutually-owned financial protection, accumulation and income management company.

Mr Joyal was a director of Scottish Reinsurance Group, Ltd. (2007 to 2011) and a director of Alabama Aircraft Industries, Inc. (2003 to 2010). He has served as a director of Ormat Technologies since 2012.

Mr Joyal received an M.B.A. from Western New England College, received a B.A. in Business Administration from St. Michael’s College and is a Chartered Financial Analyst.

Stuart H. Reese has served as Chairman of MassMutual from 2007 through 2010 and as its CEO and President from 2005 through 2009. Prior to 2005, he was Executive Vice President and Chief Investment Officer of MassMutual. Mr Reese also held various leadership positions at several MassMutual subsidiaries, serving as Chairman and CEO of Babson Capital Management LLC, Chairman of Cornerstone Real Estate Advisers LLC and as a director of Oppenheimer Acquisition Corporation.

Mr Reese joined MassMutual in 1993, coming from Aetna Life and Casualty Company. Prior to that, he was director of the Federal Reserve Bank of Boston.

He received an M.B.A. with high distinction at the Amos Tuck School of Business Administration at Dartmouth College, and a B.A. in Biology from Gettysburg College.