NEW YORK, Jan. 9, 2014 /PRNewswire/ -- ING U.S., Inc. (NYSE: VOYA), which will rebrand as Voya Financial, Inc. in 2014, today announced that Donald "Butch" Britton, 65, will retire effective immediately as CEO of ING U.S.'s Insurance Solutions business. Britton will assume the role of senior adviser to the Chairman and CEO of ING U.S., and to the CEO of Insurance Solutions, until June 30, 2014.
Insurance Solutions includes ING U.S.'s Individual Life and Employee Benefits business segments. Britton, who joined ING U.S. in 2004, has enjoyed a 40-year career in the Life Insurance and Annuity industries. Prior to joining ING U.S., he was president, Life Insurance, American General Financial Group.
"First and foremost, on behalf of everyone at ING U.S., I would like to thank Butch for his significant contributions to ING U.S. over the past 10 years," said Rodney O. Martin, Jr., Chairman and CEO, ING U.S. "Butch is well known and highly regarded throughout the life insurance industry and our employees, customers, and distribution partners have benefited considerably from his expertise, experience, and innovative thinking. Butch is passionate about the importance of Americans having sufficient life insurance coverage to protect their loved ones and their retirement savings. That passion is embedded in our culture today thanks to his leadership."
Executive Bench Strength Leads to Internal Promotions of Smith and RagavanBritton's planned retirement has precipitated additional changes to the ING U.S. senior management team. He will be succeeded as CEO of Insurance Solutions, by Michael Smith, 50, currently ING U.S. Chief Risk Officer. Smith will continue to report to Martin and will also retain his current responsibilities for the Closed Block Variable Annuity (CBVA) segment. Smith, who has been with ING U.S. since 2009, will be succeeded as ING U.S. Chief Risk Officer by Chet Ragavan, 59, currently Chief Risk Officer of ING U.S. Investment Management. Ragavan, who has been with ING U.S. since 2008, will now report to Martin and become a member of the ING U.S. Executive Committee. Martin added: "We are fortunate to have the necessary executive bench strength to promote into these important roles from within the organization and thus preserve the continuity with our employees, customers, clients, and distribution partners. I have tremendous confidence in Mike and Chet and expect them to step into their new responsibilities and continue executing our strategy, achieving our growth objectives, and managing our risks effectively. We have a deliberate process for developing our internal talent and these promotions validate the strength of that process."