Voya Financial announces leadership-succession plan for Voya Investment Management and new head of investments
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Insights
The leadership transition at Voya Investment Management, with CEO Christine Hurtsellers retiring and Matt Toms taking over, is a significant event that could influence investor sentiment and the strategic direction of the company. Leadership changes at the top level often result in shifts in corporate strategy, investment focus and operational priorities, which can affect the company's performance and stock valuation. Investors typically monitor such transitions closely as they can impact the company's future growth trajectory and its ability to maintain or improve upon past performance.
With Toms' extensive experience in asset management and his role in managing a significant portfolio, his leadership could signal continuity and stability, which might be reassuring to stakeholders. However, any changes in strategy or adjustments in investment approaches under his direction will be closely scrutinized for their potential impact on financial outcomes and competitive positioning within the asset management industry.
The appointment of Eric Stein as the new head of investments and CIO, fixed income, is another strategic move that could have implications for Voya's investment strategies, particularly in the fixed income space. Fixed income investments are a critical component of many portfolios and shifts in leadership in this area could lead to changes in investment performance and risk management approaches. As fixed income markets are sensitive to interest rate changes and economic conditions, Stein's expertise and previous experience at Morgan Stanley Investment Management will be crucial in navigating the current market environment.
For shareholders and potential investors, the ability of the new leadership to integrate and build upon the company's past successes, including the integration of acquisitions and expansion of asset management capabilities, will be a key factor in assessing the company's future growth potential and risk profile.
The transition period where Hurtsellers will serve as a strategic advisor until her retirement is an important aspect of succession planning, ensuring a smooth handover and continuity in leadership. This practice is common in the industry and is designed to minimize disruption, maintain confidence among employees and clients and preserve institutional knowledge. From a human resources perspective, effective succession planning is critical for organizational stability and can influence investor confidence in the management team's ability to execute the company's strategic vision.
Furthermore, the internal promotion of Toms, who has been with Voya IM since 2009, reflects positively on the company's talent development practices and could be a signal to investors of a strong internal leadership pipeline. This can be a reassuring sign that the company is well-prepared for future leadership transitions and has a robust strategy for talent management.
Voya Investment Management Chief Executive Officer Christine Hurtsellers announces plans to retire in 2024; Matt Toms, currently Voya Investment Management global chief investment officer, named her successor.
Eric Stein joins Voya Investment Management as head of investments and chief investment officer, fixed income.
Voya Financial, Inc., announced today that Christine Hurtsellers, chief executive officer of Voya Investment Management, has informed the company of her decision to retire later this year. Hurtsellers will now serve as a strategic advisor to the company until her retirement. (Photo: Business Wire)
Voya also announced today that Eric Stein, who most recently served as CIO, fixed income, at Morgan Stanley Investment Management (MSIM), has joined Voya IM as head of investments and CIO, fixed income. Stein reports to Toms.
“I am grateful to Christine for her amazing leadership and stewardship of our Investment Management business,” said Lavallee. “Over her almost 20-year career with Voya IM, including seven years of service as CEO, Christine achieved a number of strategic, financial and operational outcomes, including the successful integration of several acquisitions that have expanded our asset management capabilities and global reach. I am thankful for having had the benefit of Christine’s insights, drive and passion for our business, and I wish her and her family all the best as she begins her transition to retirement.
“Also, I am excited to have Matt leading Voya IM as it executes on its growth strategy and continues to build on its strong pipeline across institutional and retail markets in the
“We have made great progress in evolving Voya IM to become the global firm that we are today,” said Hurtsellers. “The growth and expansion that we have achieved is the result of the hard work of our colleagues, who have always prioritized the needs of our clients. After almost 20 years at Voya, and as I look ahead to retirement and the ability to attend to my family’s needs, I am grateful for and proud of all that the team has accomplished over the years. In the meantime, I look forward to working closely with Matt and Heather — and to engaging with our clients, intermediaries and employees — to ensure a smooth transition.”
As Voya IM’s global CIO, Toms led the firm’s more than 300 investment professionals who are managing approximately
“It’s an honor to be leading Voya IM, and I am excited about the opportunities ahead,” said Toms. “Over the past several years, we have successfully grown our capabilities and our reach to serve the expanding needs of our clients, and I’m looking forward to working with the many talented professionals across our firm to continue our growth trajectory. I also want to express my tremendous gratitude to Christine for her leadership and guidance. I am grateful to have her insights and perspective as we make a smooth transition.”
Stein, in his new role as head of investments as well as CIO, fixed income, will directly lead the public fixed income investment team as well as oversee the broader equities, income and growth, and multi-asset strategies and solutions investment teams. Chris Lyons, head of private fixed income and alternatives investments, will continue to report to Toms.
As CIO, fixed income at MSIM, Stein was responsible for overseeing 275 professionals and the management of investment strategies for MSIM’s approximately
Prior to MSIM, Eric held several portfolio management roles at Eaton Vance since 2009, including most recently serving as CIO for Eaton Vance’s entire fixed income group, which included investment teams across high-yield, bank loan, municipal investments, emerging market debt/global macro, securitized, investment grade corporate and multi-asset investment disciplines.
“I am excited to have Eric on the Voya IM leadership team,” added Toms. “His more than 20 years of investment experience and demonstrated expertise in leading sizable teams throughout his career will no doubt bring great value to our investment teams and our clients. Equally important, Eric’s approach to money management aligns fully with the collaborative approach of our investment professionals at Voya IM. I am looking forward to having his leadership and insights as we execute on our growth plans.”
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work 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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View source version on businesswire.com: https://www.businesswire.com/news/home/20240109707414/en/
Media Contact:
Christopher Breslin
(212) 309-8941
Christopher.Breslin@voya.com
Investor Contact:
Michael Katz
(212) 309-8999
IR@voya.com
Source: Voya Financial, Inc.
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