ING Reshuffles U.S. Wealth Management

ING Group announced a reshuffling of its U.S. Wealth Management unit that, among other things, separates annuities from retirement services and includes the departure of the unit’s chief executive.

An ING news release said Kathleen Murphy, CEO, ING U.S. Wealth Management, has accepted a role with Boston-based Fidelity Investments that she will begin in January 2009.

ING also named new chief executives for three of the four parts of the realigned U.S. business:

  • Catherine Smith will serve as CEO of Retirement Services. Smith who has served as CEO of ING’s U.S. Insurance unit, has been with ING for 25 years in a variety of executive roles, according to the news release.
  • Bill Lowe, previously, president, Wealth Management Wholesale Distribution, will be CEO of U.S. Annuities.
  • Butch Britton, previously, president, U.S. Life Insurance, will be CEO of U.S. Insurance. Britton has been with ING for more than four years.

The business will also include an Investments division.

In explaining the reorganization, ING said that previously, Retirement Services and Annuities had operated within the U.S. Wealth Management unit.

“ING believes that this change is the appropriate alignment for the organization given the dramatic and rapid transformation of the U.S. retirement savings market,” according to the announcement.

“I am confident in the proven and exceptional leaders stepping into these key roles and firmly believe they will serve all of ING’s internal and external stakeholders very well,” said Tom McInerney, ING Executive Board member and CEO for ING Insurance Americas, in the announcement.