ING US insurance arm changes management
ING has switched the leadership of its US insurance arm ahead of a planned sale of the business.
Rodney O. Martin, Jr, formerly chairman of international life and retirement services at bailed-out US insurer American International Group (AIG), assumes the role of CEO of ING Insurance US on 4 April 2011.
Martin replaces current CEO of the business Rob Leary, who will instead become its President and Chief Operating Officer.
Leary will now report to Martin, responsible for managing and improving the operational performance of all of ING’s US businesses, which include retirement, insurance, and investment management services.
Martin’s appointment meanwhile was made as Dutch banking group ING gears up for the sale of its US insurance business as per an agreement reached with the European Commission in late 2009.
It is one of several planned divestments by the Group, which has been ordered to separate its core banking business from its non-banking activities by the Commission.
Ahead of the sale of the US insurance and investment management business, Martin is tasked with overseeing its strategy, performance, and the role of its staff.
He will report to ING Group CEO Jan Hommen, who last week faced public outrage in the Netherlands when it emerged he was planning to accept a €1.25mn bonus.
Subsequent to the public reaction, Hommen and the Group’s executive board waived their bonuses.
ING currently owes an outstanding €5bn to the Dutch government, half of its original €10bn bailout in October 2008.