Robert L. Reynolds named Chair of Great-West Lifeco US
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/401k?src=hash” target=”_blank”gt;#401klt;/agt;–Edmund F. Murphy III has been appointed President and CEO of Great-West
Life & Annuity Insurance Company (GWL&A), the US subsidiary of
Great-West Lifeco Inc. and the parent of Empower Retirement, the
nation’s second largest retirement service provider1.
In his expanded role Murphy, 56, takes the reins from President
and CEO Robert L. Reynolds, who will shift to a new role as Chair of
Great-West Lifeco U.S. LLC. Reynolds will maintain his role as president
and CEO of Boston-based Putnam Investments, also a subsidiary of
Great-West Lifeco US.
As president and CEO, Murphy will assume leadership of all of GWL&A,
which has $544 billion in assets for approximately 9.2 million customers
(as of 12/31/18), and includes Empower Retirement, Great-West
Investments and the company’s individual life insurance and annuity
Murphy will remain president of Empower Retirement and will report
directly to Great-West Lifeco President and CEO Paul Mahon.
“Ed’s vision, insight and guidance have helped Empower grow into the
second largest retirement services provider in the U.S.,” said Mr.
Mahon. “With his strong track record of success, he is well-placed to
serve the needs of our growing client base in the U.S.
“It’s Bob’s leadership over the years that has helped strengthen GWL&A’s
position in the U.S. market. I look forward to continue working with Bob
in his new role and remain confident that he will continue to help grow
our business in the U.S. and position us well for continued success into
Empower was formed in 2014 and serves approximately 39,000 retirement
plans sponsors. Under Murphy’s leadership, Empower has established a
track record of sustained growth and momentum driven by a significant
investment in participant engagement, an advisor-centric business model,
and public policy advocacy on behalf of American retirement savers.
Murphy brings 30 years of broad industry experience to his role. Before
his 2014 appointment as President of Empower, he had served as Managing
Director of the Defined Contribution and Investment Only business at
Putnam Investments since 2009 and served on the firm’s Operating
Committee. Previously, he held executive leadership roles for 17 years
at Fidelity Investments in its institutional, private equity and retail
businesses. He also served as President and CEO of Veritude, LLC, as
well as a board member of BostonCoach, Advisor Technology Services,
Seaport Hotel, World Trade Center and several other Fidelity-owned
businesses. Earlier, he spent six years at Merrill Lynch.
Murphy has written articles on retirement-related matters and has
testified in Washington, D.C., before the House Ways and Means
Committee, the Department of Labor, the Treasury Department and the IRS.
He speaks on topics ranging from retirement issues and public policy to
investment advice and lifetime income strategies.
He is a board member of the Employee Benefit Research Institute, Cristo
Rey School, Boston College Wall Street Council and the New England
Council. He holds a bachelor’s degree from Boston College and is a
graduate of the General Manager Program at Harvard Business School. He
is married and a father of four.
Murphy’s appointment comes at a time of sharpened focus at GWL&A on the
markets for retirement services, investments and wealth management. Last
month the company announced it had entered into an agreement to sell,
through reinsurance, substantially all of its individual life insurance
and annuity business to Protective Life.
1. Pensions & Investments, April 2018.
About Great-West Life & Annuity Insurance Company
Established more than 125 years ago, Great-West Life & Annuity Insurance
Company administers a total of $544 billion in assets for approximately
9.2 million in retirement, insurance and annuity customers, as of Dec.
31, 2018. The company’s offerings range from investments, life
insurance, annuities and executive benefits products marketed under the
Great-West Financial brand to retirement savings products and services
provided by Empower Retirement, the nation’s second-largest retirement
plan record keeper by participants. To learn more, visit greatwest.com.
Empower Retirement serves approximately 39,000 retirement plan sponsors
from all segments of the employer-sponsored retirement plan market:
government 457 plans, corporate 401(k) clients, non-profit 403(b)
entities, private-label recordkeeping clients and Individual Retirement
Great-West Investments serves the market for retirement investments
through its sub-advised investment platform and creates an array of
value-added products and retirement income solutions.
for Empower Retirement