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ING realigns U.S. retirement services, annuity operations

ING Group’s U.S. operations today announced a realignment of its U.S. wealth management business. The new alignment simplifies the business model by separating annuities from retirement services and provides more focus on ING’s diverse collection of customers and distribution partners.

ING also announced the departure of Kathleen Murphy, CEO, ING U.S. Wealth Management. Murphy is joining Boston-based Fidelity Investments in January.

ING’s U.S. businesses will be organized into four business units: Retirement Services, Annuities, Insurance, and Investments. Previously, Retirement Services and Annuities, its two largest businesses, had operated within ING’s U.S. Wealth Management unit. ING believes that this change is the appropriate alignment for the organization given the dramatic and rapid transformation of the U.S. retirement savings market. The revised alignment is also intended to position ING for the greatest future potential in advance of the U.S. economy’s eventual recovery.

“One of the unfortunate consequences of the financial markets’ steep declines has been the erosion of countless Americans’ retirement savings,” said Tom McInerney, ING Executive Board member and CEO for ING Insurance Americas. “As the markets eventually recover, ING will operate its businesses to help Americans re-establish their retirement savings program, create and protect reliable sources of retirement income, and ultimately, reclaim the pursuit of their retirement ambitions.”

On Murphy’s departure, McInerney said: “ING is grateful for Kathy’s many valuable contributions over the years and we wish her the very best in her new pursuit. Fortunately for ING, we have substantial management bench strength, which allows the company to immediately appoint experienced leaders who will facilitate a seamless transition to our new alignment.”

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Catherine Smith, previously CEO of U.S. Insurance, will become CEO of U.S. Retirement Services. Smith has been with ING for 25 years, including the years prior to ING acquiring Aetna Financial Services (AFS). Smith has held a variety of executive roles at ING/AFS, including chief financial officer for Retirement Services, head of distribution for Retirement Services, and chief operations officer for ING’s U.S. businesses.

 

Butch Britton, previously, president, U.S. Life Insurance, will become CEO of U.S. Insurance. Britton has been with ING for more than four years. Overall, he has more than 34 years of management experience in the life insurance industry. Under Britton’s leadership, ING’s life insurance sales through the first three quarters of 2008 were up approximately 23 percent compared to the same period last year. Britton is a member of the FSA.

 

Bill Lowe, previously, president, Wealth Management Wholesale Distribution, will become CEO of U.S. Annuities. Lowe has spent the majority of his 20-year career in the annuity business and is widely considered to be a leading expert in the annuity industry. He was head of ING’s Annuity Distribution for many years prior to becoming head of Wholesale Distribution for all of ING’s Annuity and Retirement Services businesses. Lowe also ran ING’s IRA/Rollover business, ING Financial Horizons, and ING’s Corporate Markets Group. He has extensive experience with product development, risk management, and distribution management.

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McInerney added: “I am confident in the proven and exceptional leaders stepping into these key roles and firmly believe they will serve all of ING’s internal and external stakeholders very well.”

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