ING Americas Takes Next Big Step in Integration, Combines U.S. Retail And Worksite Businesses
Tom McInerney Named CEO of New Organization and Bob Salipante is President; Focus On The Customer Drives Move to Independent Manufacturing And Distribution
PRNewswire
ATLANTA
Sep 24, 2001
Glenn Hilliard, chairman and CEO of ING Americas, today announced the next major step in the company's integration by combining its U.S. retail and worksite businesses into one organization. Hilliard said that Thomas J. McInerney has been named CEO of the integrated organization and Robert C. Salipante has been named President.
The management changes take effect immediately, Hilliard said, with McInerney reporting to him.
ING Americas, headquartered in Atlanta, is part of Amsterdam-based ING Group (NYSE: ING), one of the largest integrated financial services organizations in the world.
"As we focus on the customer, we must align our organization with what our customers want and how we deliver financial services to them," said Hilliard, who leads ING operations in North and South America. "This requires a bold new way of thinking about everything we do, and Tom is the right person to lead the charge."
McInerney has been CEO and general manager of U.S. Worksite Financial Services.
Salipante, who has been CEO and general manager of U.S. Retail Financial Services, will report to McInerney.
John Turner, vice chairman of ING Americas, continues his role as head of ING Mutual Funds - U.S., and ING Institutional Markets and Reinsurance. He will continue to report to Hilliard.
"Tom and Bob have contributed tremendously in ING's integration of two huge companies -- ReliaStar and Aetna Financial Services -- since last year's acquisitions," Hilliard said. "They now can help shape our company's future by driving change in our markets through our customer-centric business model."
The new structure calls for eliminating business unit boundaries across all operations and forming one integrated U.S. business. In this new organization, there will be a stepped-up focus on consumer marketing, and distribution channels and product manufacturing capabilities will become independent entities. At the same time, the new organization will enhance synergies across its business lines and create cost efficiencies throughout the company.
"I am excited about the opportunity before us," McInerney said. "By separating distribution from product manufacturing, we will be able to re- orient our distribution around customer segments, such as maturing families or families already in retirement."
He added that by separating product manufacturing from distribution, ING can streamline its product portfolio and focus on developing best-in-class products that are responsive to customers' needs and provide maximum value.
"This is the right way for ING to move forward to position the organization to take full advantage of the opportunities in the U.S. market," Salipante said. "And I am very excited about my role in helping shape an organization fully in tune with customers and their needs."
ING Americas comprises integrated financial services operations in North America and South America with business operations in the U.S., Canada, Mexico, Argentina, Brazil, Chile and several other countries. ING Americas offers a comprehensive array of products and services, including life, health and property & casualty insurance; fixed, variable, immediate and equity- indexed annuities; reinsurance; guaranteed investment contracts and other institutional investment advisory services; defined contribution retirement plans; and mutual funds. To date, ING Americas and its affiliates have $166 billion in assets under management. ING Americas' parent company, Amsterdam-based ING Group, is one of the largest integrated financial services organizations in the world with $485 billion of assets under management.
CONTACT: Dana Ripley of ING Americas, +1-770-980-3317 or cellular,
+1-404-202-6679
SOURCE: ING Americas
Contact: Dana Ripley of ING Americas, +1-770-980-3317 or cellular,
+1-404-202-6679
Website: http://www.ing-usa.com/