Equitable Holdings Appoints Robin M. Raju Chief Financial Officer

Rhea-AI Summary

Equitable Holdings, Inc. (NYSE:EQH) has appointed Robin M. Raju as Chief Financial Officer, effective April 1, pending board approval. Raju, a 17-year veteran of the company, previously led Individual Retirement and played key roles in significant financial transactions, including the IPO in 2018. He succeeds Anders Malmstrom, who departs after nine years. The company also announced internal leadership changes, with Steve Scanlon and Jessica Baehr assuming new roles, emphasizing talent mobility. These transitions aim to strengthen financial management and improve shareholder value.

Positive

• Appointment of Robin M. Raju as CFO brings continuity and experienced leadership.
• Raju's prior roles in significant transactions enhance confidence in strategic execution.
• Internal promotions indicate a focus on talent mobility and organizational stability.

Negative

• Departure of Anders Malmstrom raises concerns about continuity in financial leadership.

Equitable Holdings, Inc. (NYSE:EQH), the financial services holding company comprised of Equitable and AllianceBernstein, today announced the appointment of Robin M. Raju to Chief Financial Officer, effective April 1, pending approval from the Equitable Holdings Board of Directors. Raju will report to Mark Pearson, President and Chief Executive Officer of Equitable Holdings, and continue to serve on the company’s Management Committee.

“Robin has been at the core of our pivotal moments as an independent organization, helping to grow our business, manage our capital and enhance our risk framework. I have every confidence that, as CFO, Robin will continue to actively shape our organization, driving value for our clients and shareholders,” said Mark Pearson. “At Equitable, we know the decisions we make today impact not only our organization but also the financial well-being of the millions of Americans we proudly serve. Robin’s technical expertise, strategic vision and proven track record will help ensure Equitable delivers on its promises for generations to come.”

As the current Head of Individual Retirement, Raju brings deep industry experience to the role, having led the development of innovative, economically sound solutions which help clients navigate market uncertainty and achieve their financial goals. A 17-year veteran of the company, Raju has held numerous positions in the finance organization, including Treasurer of Equitable Holdings and CFO for the company’s retirement, protection and wealth management businesses. In this capacity, Raju led the preparation for Equitable Holdings’ successful IPO in May of 2018. He also spearheaded Equitable Holdings’ landmark reinsurance transaction with Venerable which, upon closing, will significantly de-risk the company’s balance sheet, unlock meaningful economic value and accelerate capital return for shareholders.

Raju succeeds Anders Malmstrom, who after nine years with the company has decided to return to his home country of Switzerland to be closer to his family. Pearson added, “I would like to thank Anders for his many contributions over the last decade. We would not be the strong and resilient organization we are today without his leadership.” Malmstrom will remain CFO through March 31 to support the transition.

The company also announced the following appointments of tenured leaders within the organization, demonstrating its commitment to talent mobility:

• Steve Scanlon, current Head of Group Retirement for Equitable, has been appointed Head of the company’s Individual Retirement business, which represents c. 60% of Equitable Holdings’ earnings. Equitable* is a leading variable annuity providerⁱ with $117 billion in account value from 900,000 policies, providing income in retirement and protection for clients.
• Jessica Baehr, current Head of Investor Relations, has been appointed Head of Group Retirement. Equitable is the leading 403(b) retirement plan provider in the K-12 educators market by contributions, assets under management and participants, proudly serving more than 800,000 educators.ⁱⁱ Equitable also provides 457 plans for local governments and municipalities, and 401(k) solutions for small and medium-sized businesses. Today, the company is entrusted with more than $42 billion in account value from one million clients.

About Equitable Holdings:
Equitable Holdings, Inc. (NYSE:EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,000 employees and financial professionals, $809 billion in assets under management (as of 12/31/2020) and more than five million client relationships globally.

ⁱSecure Retirement Institute U.S. Individual Annuities Sales Survey, Q3 2020
ⁱⁱLIMRA Not-for-Profit Retirement Market Report, Q3 2020

Unless otherwise noted, all numbers referenced are current as of 12/31/2020.

*This reference applies exclusively to Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), which issues variable annuity products.

Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (NY, NY), Equitable Financial Life Insurance Company of America, an AZ stock company with main administrative headquarters in Jersey City, NJ, and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN). The 1859 founding reference applies exclusively to Equitable Financial Life Insurance Company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210309005998/en/

FAQ

What is the significance of Robin M. Raju's appointment as CFO of EQH?

Robin M. Raju's appointment is significant as he brings extensive experience and has been instrumental in key company transactions, potentially enhancing financial stability and strategic direction.

When will Robin M. Raju officially start as CFO of Equitable Holdings?

Robin M. Raju will officially start as CFO of Equitable Holdings on April 1, pending board approval.

Who did Robin M. Raju replace as CFO at Equitable Holdings?

Robin M. Raju replaced Anders Malmstrom, who is departing after nine years with the company.

What internal leadership changes were announced alongside Raju's appointment?

Equitable Holdings announced that Steve Scanlon is appointed Head of Individual Retirement and Jessica Baehr is now Head of Group Retirement, reflecting a commitment to talent mobility.

How might Robin M. Raju's experience impact Equitable Holdings' future?

Raju's extensive experience and proven track record in financial management may positively influence Equitable Holdings' strategic decisions and shareholder value.