Voya Financia’s Retirement Solutions business, which consists of the Retirement and Annuities segments, is to be led directly by Voya Financial Chairman and CEO Rodney O Martin, Jr with immediate effect.
"Over the past few years, we have made significant progress toward achieving our long-term objectives and our vision to be America's Retirement Company," says Martin. "In considering the significant role that our Retirement Solutions business plays both in our financial performance and in our value proposition, at this time I have decided to directly oversee the next phase of the businesses' growth and expansion."
In connection with this change, Maliz Beams, most recently the CEO of Voya Financial's Retirement Solutions business, is leaving the company to pursue other opportunities.
"I am grateful to Maliz for her many contributions to Voya Financial over the past several years, including the important role she played in our transformation efforts and in helping our clients with their retirement readiness needs," added Martin. "She has been an active participant in helping us create value for our customers and shareholders, and I wish her the very best in her future endeavours.
"As one of the largest retirement solutions providers in the US, we have a tremendous opportunity to positively impact Americans' retirement readiness. I am committed to ensuring that we continue to leverage the full breadth of our capabilities, our scale, and the current demographic trends as we strive to establish Voya Financial as the company of choice for helping Americans with their asset accumulation, asset protection, and asset distribution needs.
"We remain committed to our 2016 return on capital (ROC) and return on equity (ROE) targets, including our ROC targets for the Retirement and Annuities segments. We continue to believe that, through the execution of our more than 30 margin, growth, and capital initiatives, we can achieve our 2016 Ongoing Business operating ROE target of 12-13%, as well as our Ongoing Business operating ROC target of 10-11%," says Martin.
Voya Financial's Ongoing Business includes Retirement Solutions (Retirement and Annuities), Investment Management, and Insurance Solutions (Employee Benefits and Individual Life).
