October 15, 2014 – New York – Voya Financial Inc., the insurer formerly owned by ING Groep NV said Maliz Beams has left as head of the retirement business and her role will be filled by Chief Executive Officer Rod Martin.
“I have decided to directly oversee the next phase of the businesses’ growth,” Martin said today in a statement from the New York-based insurer. He cited the “significant role” of the retirement business as a reason for the switch.
Voya has been working to improve return on capital at the retirement business by shifting the product mix and using reinsurance. The profitability metric stalled at about 8.5 percent in the 12 months through June 30, the same as in 2013, after climbing from 6.1 percent in 2011.
“Our path to reach our return on capital targets will not be linear,” Chief Operating Officer Alain Karaoglan said on a conference call with analysts in August. “We are committed to our plan and we are confident that we can achieve our 2016 target return of 10 percent to 11 percent.”
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