Edmund F. Murphy III was appointed president and CEO of Great-West Life & Annuity Insurance Co., the U.S. subsidiary of Great-West Lifeco Inc. and the parent of Empower Retirement.
Mr. Murphy, who will retain his role as president of Empower, succeeds Robert L. Reynolds, a Great-West news release said Thursday. Mr. Murphy,who will remain based in Greenwood Village, Colo., has been president of Empower since 2014.
Mr. Reynolds becomes chair of Great-West Lifeco U.S., and he will retain his job as president and CEO of Putnam Investments, Boston, also a subsidiary of Great-West Lifeco U.S., the U.S. holding company of Great-West Lifeco Inc., the news release said.
Mr. Reynolds has been as president and chief executive officer of Great-West Lifeco U.S.
Information on his replacement as president and CEO of Great-West Lifeco U.S. was not immediately available. In his new role, Mr. Murphy will assume leadership for a company with $544 billion in assets and about 9.2 million customers as of Dec. 31, the news release said. In addition to Empower Retirement, Great-West Life & Annuity Insurance Co. is the parent of Great-West Investments and the company's individual life insurance and annuity businesses.
Mr. Murphy will report directly to Paul Mahon, Great-West Lifeco Inc.'s president and CEO, Winnipeg.
"Ed's vision, insight and guidance have helped Empower grow into the second largest retirement services provider in the U.S.," Mr. Mahon said in the news release. "With his strong track record of success, he is well-placed to serve the needs of our growing client base in the U.S."
Mr. Mahon said Mr. Reynolds "has helped strengthen" the company's presence in the U.S. market, adding that he expects Mr. Reynolds to "continue to help grow our business in the U.S."