Bulletin: Voya Financial Inc.'s CEO Succession Is Unlikely To Alter The Company's Strategy

NEW YORK (S&P Global Ratings) July 8, 2022--S&P Global Ratings today said Voya Financial Inc.'s announced retirement of President and CEO Rodney O. Martin Jr. and transition to executive chairman on Jan. 1, 2023, is not likely to alter the company's strategy. Heather Lavallee, currently chief executive officer of Voya's Wealth Solutions business, will succeed Mr. Martin as president and CEO. We consider senior management changes, especially at the CEO level, to be meaningful transitions in the leadership of a company. In this instance, Mr. Martin has been Voya's CEO for over a decade, and we think his leadership has had a favorable impact on Voya's transformation strategy. We currently view its governance to be neutral to the rating. Nonetheless,

...July 8, 2022 NEW YORK (S&P Global Ratings) July 8, 2022--S&P Global Ratings today said Voya Financial Inc.'s announced retirement of President and CEO Rodney O. Martin Jr. and transition to executive chairman on Jan. 1, 2023, is not likely to alter the company's strategy. Heather Lavallee, currently chief executive officer of Voya's Wealth Solutions business, will succeed Mr. Martin as president and CEO. We consider senior management changes, especially at the CEO level, to be meaningful transitions in the leadership of a company. In this instance, Mr. Martin has been Voya's CEO for over a decade, and we think his leadership has had a favorable impact on Voya's transformation strategy. We currently view its governance to be neutral to the rating. Nonetheless, Ms. Lavallee is a seasoned Voya executive, with broad and deep industry experience, and has played an important role in developing and executing the company's strategy in two of its now three key businesses. We are not changing our...

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