Voya Financial Inc., a insurer and investment association with $466 billion of resources underneath government and administration, named Michael Smith as arch financial officer to attain Ewout Steenbergen, who is stepping down.
Smith, who has worked as arch executive officer of word solutions and arch risk officer, will be promoted to financial arch Nov. 7, New York-based Voya pronounced Wednesday in a statement. Steenbergen, who’s worked as CFO given 2010, is vacating for another opportunity, a insurer pronounced but naming where he’s going.
CEO Rodney Martin shuffled care during a insurer in September, expanding a duties of Carolyn Johnson and employing Deutsche Bank AG’s Maggie Parent for a purpose with technology, creation and operations. The association and a rivals are struggling to boost expansion as low seductiveness rates import on investments. Firms including Massachusetts Mutual Life Insurance Co. and Principal Financial Group Inc. have faced turnover in a financial arch purpose this year.
“Mike’s in-depth believe of a business, total with his knowledge in CFO and CRO roles, creates him an ideal choice to lead a financial organization,” Martin pronounced in a statement.
Steenbergen helped apart a U.S. association from Dutch organisation ING Groep NV and take it open in 2013 for $19.50 a share. The insurer’s batch has given risen to $30.90 as of 4 p.m. Wednesday in New York.
“His care has meaningfully contributed to Voya’s success,” Martin pronounced in a statement. “Ewout was a pivotal motorist of Voya’s feat of a initial ROE aim — dual years forward of news — as good as a softened financial strength and shareholder value, as reflected in a lapse of roughly $2.8 billion in additional capital.”
Smith had overseen a company’s employee-benefits business, that will now news to Chief Operating Officer Alain Karaoglan, according to a statement. Smith has worked during Lincoln National Corp., and perceived a bachelor’s grade from a University of Michigan.