Charles P. Nelson has been named chief executive of retirement for Voya Financial. The retirement segment accounted for approximately 40% of company operating earnings in 2014.
Nelson, with 30 years of industry experience, begins serving in his new role May 1. Among other responsibilities, he will oversee tax-exempt and corporate markets, and retail wealth management, which comprise the company’s workplace and individual retirement businesses including 401(k), 403(b) and 457 plans, and IRAs.
Most recently, Nelson worked with Great-West in Empower Retirement, leading the legacy retirement business. He has experience managing defined contribution and defined benefit businesses, overseeing government, health care, nonprofit, 401(k) and FASCore institutional lines of business, and managing recordkeeping, administration, operations, sales, products, financial results and broker/dealer services.
Nelson will report to Alain Karaoglan, chief operating officer at Voya Financial, who explains the company is focusing on its digital and analytics capabilities and a cross-enterprise strategy, to support its growth and increase competitiveness. He believes investments in these areas, coupled with Nelson’s expertise, “will sharpen our customer-centric focus, as we more closely align retirement and investment management.”
Rodney O. Martin, Jr., chairman and CEO, Voya Financial, cited Nelson’s track record in developing and executing profitable growth strategies for retirement businesses, while optimizing return on equity. “He will be a great addition to our executive team as we continue to focus on achieving our vision to be America’s Retirement Company,” Martin says.
Nelson pointed to the transformation at Voya as a key driver in his decision to join the team, which he praises for its success in delivering unique customer experiences that integrate holistic solutions designed to enhance participant retirement income.