Voya Financial announces management succession plan

NEW YORK–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), the leading healthcare, wealth management and investment company, today announced that its Board of Directors has appointed Heather Lavallee, 52, currently Director (CEO) of Voya’s Wealth Solutions business, to succeed Rodney O. Martin, Jr., 70, as CEO of the company as part of Voya’s planned succession process. Lavallee, who was named Voya’s president and CEO-elect, will become CEO on January 1, 2023, when Martin, who is also chairman of Voya’s board of directors, assumes the role of executive chairman. Lavallee has also been named to Voya’s Board of Directors effective today.

“On behalf of Voya’s Board of Directors, I am delighted to announce the appointment of Heather as our next CEO,” said Martin. “As CEO of our Wealth Solutions business – which generated record earnings in 2021 – and in her previous corporate leadership roles, including leading what is now our Health Solutions business – where she grew significantly earnings over a five year period – Heather has distinguished herself as an extraordinary leader focused on growth, innovation and culture. Working closely with me, our Board of Directors and our entire team As an executive, Heather has been instrumental in shaping and driving Voya’s business growth strategy – and is well-prepared to lead its continued execution and evolution going forward.

Voya’s lead director, David Zwiener, noted that Lavallee’s appointment is the result of a thoughtful and comprehensive long-term succession planning process conducted by Voya’s board. “We are fortunate to have an exceptionally talented and experienced management team at Voya,” said Zwiener. “Our Board is unified in our confidence and support for Heather as Voya’s next CEO – and we welcome her as a member of the Board.”

Martin also talked about the key role Lavallée has played in shaping Voya’s culture over the past few years. “Heather is a graduate of our management development program and was at the forefront of the continuous improvement program that helped transform our business. Heather was the first executive sponsor of Voya Cares and she played a key role in developing Voya’s purpose. Heather is an outstanding example of Voya culture in action. Voya Cares is the company’s flagship program focused on people with disabilities and special needs and their caregivers.

Prior to leading Voya’s Wealth Solutions business, Lavallee served as President of Voya’s Tax Exempt Markets and, prior to that, President of the company’s Employee Benefits (now Health Solutions) business. Lavallee’s 30-year career also includes leadership roles at Mutual of Omaha and Sun Life New York Insurance and Annuity Company before joining Voya in 2008.

“I am honored and grateful – to Rod, the Board of Directors, the management team and all of my colleagues at Voya – for this opportunity to lead a uniquely purpose-driven company that is committed to helping our customers. to achieve positive outcomes with their health, wealth and investment needs,” Lavallee said. “We are well positioned for continued growth in each of our businesses, delivering greater value to all of our stakeholders. And thanks to our people – as well as the culture that Rod has fostered over the past decade – we are also well positioned to continue to have a positive impact on society through the solutions we provide, the responsibility to business we demonstrate and the positive impact we make in the communities in which we live and work.

Zwiener added: “The Voya Board of Directors is united in its thanks and appreciation for all that Rod Martin has accomplished as CEO of Voya since 2011. Rod’s leadership and vision have enabled a significant transformation of Voya business over the past decade into a highly focused and well-capitalized group of healthcare, wealth management and investment businesses with exciting growth opportunities – delivering results that have outperformed peers in Voya and the S&P 500. Rod has also developed a deep and knowledgeable cadre of Voya executives. We are grateful to Rod for taking on the role of Executive Chairman following his retirement as CEO.

Lavallee also recognized the transformational impact of Martin’s leadership of Voya. “I have experienced firsthand the evolution of the Voya culture reflecting Rod’s stewardship and vision,” Lavallee said. “While our culture has earned Voya numerous awards and accolades, it has also served to define the character of the Voya brand. Under Rod’s leadership, Voya has become the #1 brand associated with retirement.

“Serving as CEO of Voya has been one of the most rewarding and exciting chapters of my career,” said Martin. “I am extremely grateful to our staff, grateful for the guidance of our Board of Directors and exceptionally proud of all that we have accomplished together. That said, much more needs to be done to serve our clients, customers and shareholders – and I look forward to working closely with Heather on our transition over the remainder of this year. »

About Voya Financial®

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company that provides products, solutions and technology that help Americans be well planned, well invested and well protected. Servicing the needs of 14.3 million retail, professional and institutional customers, Voya has approximately 6,000 employees and total assets under management and administration of $707 billion as of March 31, 2022. Certified “Great Place to Work” by the Great Place to Work® Institute, Voya is driven and also committed to conducting its business in a socially, environmentally, economically and ethically responsible manner. Voya has been recognized as: one of the world’s most ethical companies® by the Ethisphere Institute; member of the Bloomberg Gender-Equality Index; and a “Best Workplace for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @voya.


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