Great-West Lifeco names Robert L. Reynolds as CEO of Great-West Lifeco U.S. Inc.
March 20 2014 - 11:32AM
Business Wire
Organization comprises Denver-based
Great-West Financial® and Boston-based Putnam
Investments
Retirement businesses to be combined to
serve U.S. marketplace with greater breadth and depth through
comprehensive, leading-edge offerings
Great-West Lifeco Inc. today announced the appointment of Robert
L. Reynolds as President and Chief Executive Officer of Great-West
Lifeco U.S. Inc., the company that owns Denver-based Great-West
Financial and Boston-based Putnam Investments. Mr. Reynolds will
also assume the position of President and Chief Executive Officer
of Great-West Financial upon the retirement of Mitchell Graye in
May 2014 and will continue as President and Chief Executive Officer
of Putnam Investments.
Both long-established industry leaders, Great-West Financial and
Putnam Investments will remain distinct entities, while working
closely to leverage the strengths of both organizations.
“The U.S. market represents a significant growth opportunity for
Great-West Lifeco,” said Paul Mahon, President and Chief Executive
Officer, Great-West Lifeco. “The new structure will allow
Great-West Lifeco to pursue expanded U.S. market opportunities by
leveraging the combined strengths and capabilities of our core
businesses in a coordinated manner to best serve clients.”
“Bob has been a driving force of innovation and industry
progress in financial services for three decades – having led
institutional and retail asset management, insurance and retirement
services businesses over the course of his career,” Mr. Mahon
said.
The Company also announced that under the leadership of Mr.
Reynolds, the retirement business of Putnam Investments will be
combined with that of Great-West Financial to create one of the
nation’s leading providers of comprehensive retirement services
capabilities to small, mid and large-sized corporate 401(k)
clients, government 457 plans and non-profit 403(b) entities. The
combined retirement business will reside within Great-West
Financial.
In highlighting the opportunity created by combining the
retirement business of Putnam Investments with that of Great-West
Financial, Mr. Reynolds said, “By drawing upon the vision,
leadership and dedication to excellence of two superb retirement
businesses, with their unmatched client service, product, marketing
and technology capabilities, we will be in a position to provide
the U.S. marketplace with a superior, leading-edge offering across
every client segment.”
About Robert L. Reynolds
Mr. Reynolds is President and Chief Executive Officer of Putnam
Investments, a member of Putnam Investments’ Board of Directors,
and President of the Putnam Funds. Prior to joining Putnam
Investments in 2008, he spent 24 years at Fidelity Investments,
serving as Vice Chairman and Chief Operating Officer from
2000-2007. Mr. Reynolds received an Honorary Doctorate in Business
Administration from West Virginia University, and a President’s
Medal of Excellence from Boston College. He earned a B.S. in
Business Administration/Finance from West Virginia University.
About Great-West Lifeco
Great-West Lifeco Inc. (TSX:GWO) is an international financial
services holding company with interests in life insurance, health
insurance, retirement and investment services, asset management and
reinsurance businesses. Great-West Lifeco has operations in Canada,
the United States, Europe and Asia through Great-West Life, London
Life, Canada Life, Irish Life, Great-West Financial and Putnam
Investments. Great-West Lifeco and its companies have $758 billion
in consolidated assets under administration and are members of the
Power Financial Corporation group of companies.
* Assets as of December 31, 2013
In Canada:Great-West LifecoMarlene Klassen, APR,
204-946-7705Assistant Vice-President, Communication ServicesorIn
the United States:Putnam InvestmentsJon Goldstein,
617-760-1127516-946-5598 (cell)Director of Public RelationsorLaura
McNamara, 617-760-1108978-505-0524 (cell)Media Relations
Manager
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