Ahead of Rebranding, Britton Retires as CEO of ING US Insurance Solutions Business; Succession in Place
January 14, 2014 by Fran Lysiak
NEW YORK – ING U.S Inc. said Donald “Butch” Britton will retire effective immediately as chief executive officer of its U.S. insurance solutions business. He takes over as senior adviser to the chairman and CEO of ING U.S., and to the CEO of insurance solutions, until June 30.
Insurance solutions includes ING U.S.’s individual life and employee benefits businesses. Britton, who joined ING U.S. in 2004, has a 40-year career in life insurance and annuities.
ING U.S. Inc. (NYSE: VOYA) plans to rebrand as Voya Financial Inc. this year.
Michael Smith, ING U.S. chief risk officer, will succeed Britton as CEO of insurance solutions. Smith will continue to report to Martin and keep his responsibilities for the closed block variable annuity segment.
Smith, who has been with ING U.S. since 2009, will be succeeded by Chet Ragavan, chief risk officer of ING U.S. investment management. Ragavan, who has been with ING U.S. since 2008, will now report to Martin. Ragavan also will become a member of the ING U.S. executive committee.
ING U.S. earlier raised about $1.3 billion in its initial public offering of stock (Best’s News Service, April 17, 2013). Its Netherlands-based parent, ING Group N.V., is spinning the U.S. unit off, as it is restructuring following a US$13 billion bailout from the Dutch government in 2008 during the global financial crisis.
In October, ING Group said it planned to offer 30 million of its shares in ING U.S. The transaction will reduce ING Group’s stake in the U.S. business to about 60% from 71%, the company said (Best’s News Service, Oct. 21, 2013).
Smith’s and Ragavan’s promotions take effect immediately.
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)
