Catherine Smith, the CEO of ING Retirement Services in Windsor, has resigned her position to take over as the state’s new economic development chief.
Smith, who was named in 2009 as one of the 25 “Most Powerful Nonbank Women in Finance” by U.S. Banker magazine, was named to the position during a Thursday afternoon press conference.
“For far too long, DECD has been too insular and not welcoming enough to potential businesses who wish to locate or expand here. That stops now,” said Gov. Dannel P. Malloy. “Catherine’s business acumen, her knowledge of Connecticut, and her passion to grow and expand business opportunities here made her selection a no-brainer,”
Smith takes over as the head of DECD at a time when the agency will likely get an overhaul.
As part of his budget plan Malloy has proposed merging the office of Commission on Culture and Tourism and the Office of Workforce Competiveness into the state Department of Economic and Community Development.Â
Smith said Malloy’s reorganization plan is a big step in the right direction.
“What sense does it make to have seven separate economic development and marketing bureaus all charged with the same task, but going about it in different, and sometimes, disorganized ways?,” Smith asked.
Smith was tapped as the head of ING U.S. Retirement Services in 2008. Prior to that Smith was CEO of ING’s U.S. Insurance businesses. She also served in numerous leadership positions at ING and its predecessor companies, including chief operating officer for ING U.S. Financial Services, president of Health, Education and Government Distribution, and chief financial officer for Aetna Financial Services.
The prior DECD commissioner Joan McDonald, who was appointed by Gov. M. Jodi Rell, recently took a job as the head of the transportation department in New York State.
Just this week another shakeup occurred in the Malloy administration, when Karen Senich was fired as the head of the state’s arts and tourism agency.
