Winnipeg-based Great-West Lifeco Inc. Thursday announced the appointment of Robert Reynolds as president and CEO of Great-West Lifeco U.S. Inc., the company that owns Denver-based Great-West Financial and Boston-based Putnam Investments.
Reynolds will also assume the position of president and CEO of Great-West Financial upon the retirement of Mitchell Graye in May 2014 and will continue as president and CEO of Putnam Investments.
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 CEO, Great-West Lifeco (TSX:GWO).
“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.”
Great-West Lifeco also announced that under the leadership Reynolds, the retirement business of Putnam Investments will be combined with that of Great-West Financial to create one of America’s leading providers of comprehensive retirement services capabilities to small, mid and large-sized companies, governments and non-profits. The combined retirement business will reside within Great-West Financial.