- Push-out Score determined
- After almost 12 years in the position
- Praise and thanks for Martin
- Heather Lavallee taking over
- Martin will remain as executive chairman at Voya
- Martin made a lengthy statement and said 239 words
(exechange) — New York, July 7, 2022 — Rod Martin, chief executive of Voya, leaves his position. As announced by Voya Financial Inc. in a news release and in a regulatory filing published on Thursday, July 7, 2022, Rodney O. (Rod) Martin leaves his post as chief executive officer at the financial, retirement, investment and insurance company, after almost 12 years in the role, effective December 31, 2022.
Rod Martin’s duties as CEO will be taken over by Heather Lavallee, currently chief executive officer (CEO) of the Wealth Solutions business at Voya Financial Inc.
“Planned succession process”
Rod Martin’s departure from the CEO post is explained as follows. Voya said: “Voya Financial, Inc. (NYSE: VOYA), the leading health, wealth and investment company, announced today that its board of directors has appointed Heather Lavallee, 52, currently chief executive officer (CEO) of Voya’s Wealth Solutions business, to succeed Rodney O. Martin, Jr., 70, as the company’s CEO as part of Voya’s planned succession process.”
Martin will remain as executive chairman at Voya
“Lavallee, who has been appointed Voya’s president and CEO-elect, will become CEO on Jan. 1, 2023, when Martin, who also serves as chairman of Voya’s board of directors, will assume the role of executive chairman,” Voya said.
Share price increase since July 2017
The announcement follows an increase in Voya Financial Inc.’s share price of 56% since July 2017.
In the position of CEO since 2011
Rod Martin became CEO of the Company in 2011.
He joined Voya as CEO in 2011.
Under Martin’s leadership, Voya successfully completed the necessary preparations for an initial public offering (IPO) on the New York Stock Exchange in May 2013.
Martin began his insurance career as an agent with Connecticut Mutual Life Insurance Company, where, from February 1975 to August 1995, he served in various marketing and management positions.
Martin ultimately advanced to become president of Connecticut Mutual Insurance Services.
In 1995, Martin joined the American General Life Companies as president and chief executive officer where he ran the U.S. life insurance businesses until they were acquired by American International Group, Inc. (AIG), in 2001.
At AIG, Martin held positions of increasing responsibility, from chief operating officer of AIG Worldwide Life Insurance, chairman and chief executive officer of American Life Insurance Company, chairman of American International Assurance, and most recently, chairman of AIG’s International Life and Retirement Services businesses until November 2010.
Martin received his bachelor’s degree in business administration from Alfred University in Alfred, N.Y., and is also a Life Underwriter Training Council Fellow.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Rod Martin’s move on a scale of 0 to 10.
exechange reached out to Voya and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 28.2022 ($).