| 2016-10-13 11:09:00|
VOYA, SPGI… 11:09 10/13 10/13/16
Voya drops after CFO leaves to take same role at S&P Global
Shares of Voya Financial (VOYA) dropped in morning trading after the company's Chief Financial Officer resigned to take on the same role at S&P Global (SPGI). WHAT'S NEW: New York asset manager Voya Financial said in a statement yesterday that CFO Ewout Steenbergen is departing the company "for another opportunity." Michael Smith, most recently the head of Voya's employee-benefits business, will succeed Steenbergen as CFO. Steenbergen, who has been the company's CFO since 2010, will remain with Voya through November 7, the company said. S&P Global said in its own statement this morning that Steenbergen will join the company on November 14 and will be responsible "for all aspects of the Finance department, focused on growth and sustainable shareholder value." At S&P, Steenbergen will replace interim CFO Rob MacKay. WHAT'S NOTABLE: In September, Voya expanded the duties of Carolyn Johnson, who became CEO of Insurance Solutions, which now includes Voya's Annuities business. Additionally, the company said at the time that Deutsche Bank's (DB) Maggie Parent would become the company's executive vice president, Technology, Innovation and Operations. PEER ALSO RECENTLY HAD CFO SHUFFLE: In September, Voya peer Principal Financial (PFG) named Deanne Strable-Soethout as CFO, effective February 14, in preparation for the retirement of current CFO Terry Lillis next April. PRICE ACTION: Voya Financial is down 3.7% to $29.76 in morning trading and shares are down about 19% year-to-date. S&P Global is down about 1% this morning to $122.48 amid the broader market's weakness.