Srinivas Reddy has been appointed by Principal Financial Group as senior vice president in charge of annuities, full-service payout and Principal Bank businesses within the company's retirement and income solutions unit, a news release said.
Mr. Reddy will start Sept. 4. The full-service payout business provides payouts to people covered by a defined benefit plan when the pension plan is terminated, said Nora M. Everett, president of RIS, in an email. Principal Bank is an FDIC-insured bank specializing in individual retirement accounts, Ms. Everett added. Mr. Reddy reports directly to Ms. Everett.
Mr. Reddy succeeds Gerald W. Patterson, who was promoted earlier this year to senior vice president and head of full-service retirement and individual investors business. Mr. Patterson's responsibilities include plan administration, record keeping, servicing of defined benefit and defined contribution plans and employee stock ownership plans.
Mr. Patterson succeeded Gregory J. Burrows, who has retired.
Mr. Reddy was senior vice president and head of Prudential Retirement's full-service investment team in which he supervised Prudential Retirement's investment options, spokeswoman Monique Freeman said in an email.
Mr. Reddy will not be replaced; his duties have been assumed by Snezana Zlatar, head of Prudential Retirement's full-service product and business management unit, Ms. Freeman wrote.