Thomas Finke, president of Babson Capital Management, will become chairman and chief executive officer, effective Dec. 1. He was also named an executive vice president and chief investment officer of the Massachusetts Mutual Life Insurance Co. (MassMutual), Babson's parent company.

Clifford Noreen, head of corporate securities and vice chairman, will succeed Finke as president. Noreen remains head of the Corporate Securities Group and will report to Finke, as will Babson Capital's other investment business heads.

Finke will assume roles at MassMutual and Babson Capital previously held by Roger Crandall, who has been named MassMutual's president and chief operating officer as of Dec. 1. Finke will continue to report to Crandall.