Voya Promotes Smith to Finance Chief as Steenbergen Departs Firm

  • Smith will become CFO in November, reporting to CEO Martin
  • Steenbergen is leaving for another opportunity, insurer says

Voya Financial Inc., the insurer and investment company with $466 billion of assets under management and administration, named Michael Smith as chief financial officer to succeed Ewout Steenbergen, who is stepping down.

Smith, who has worked as chief executive officer of insurance solutions and chief risk officer, will be promoted to finance chief Nov. 7, New York-based Voya said Wednesday in a statement. Steenbergen, who’s worked as CFO since 2010, is departing for another opportunity, the insurer said without specifying where he’s going.

CEO Rodney Martin shuffled leadership at the insurer in September, expanding the duties of Carolyn Johnson and hiring Deutsche Bank AG’s Maggie Parent for a role with technology, innovation and operations. The company and its rivals are struggling to boost growth as low interest rates weigh on investments. Firms including Massachusetts Mutual Life Insurance Co. and Principal Financial Group Inc. have faced turnover in the finance chief role this year.

“Mike’s in-depth knowledge of our business, combined with his experience in CFO and CRO roles, makes him an ideal choice to lead our finance organization,” Martin said in the statement.

Steenbergen’s Tenure

Steenbergen helped separate the U.S. company from Dutch firm ING Groep NV and take it public in 2013 for $19.50 a share. The insurer’s stock has since risen to $30.90 as of 4 p.m. Wednesday in New York.

“His leadership has meaningfully contributed to Voya’s success,” Martin said in the statement. “Ewout was a key driver of Voya’s achievement of our initial ROE target -- two years ahead of schedule -- as well as our improved financial strength and shareholder value, as reflected in our return of roughly $2.8 billion in excess capital.”

Smith had overseen the company’s employee-benefits business, which will now report to Chief Operating Officer Alain Karaoglan, according to the statement. Smith has worked at Lincoln National Corp., and received a bachelor’s degree from the University of Michigan.

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