Kevin Cox was named head of the retirement business at Ascensus, the Dresher, Pa.-based record-keeping firm announced Thursday.
Mr. Cox succeeds Shannon Kelly, who will take a professional sabbatical following nearly 20 years at the firm, a company news release said. Peg Creonte will succeed Mr. Cox as head of its government savings line of business, the news release said.
The appointments of Mr. Cox and Ms. Creonte take effect immediately. Ms. Kelly will remain at Ascensus through May to provide transition assistance.
Mr. Cox has been head of the government savings business for the past two years. Previously, he spent six years as Ascensus' chief operating officer. Ms. Creonte has been the government savings unit's senior vice president of business development for the past five years.
In his new job, Mr. Cox will be in charge of retirement plan record keeping and administration, plus the firm's compliance, trust, and education and training functions.
"With more than 25 years of career experience in both the 529 and retirement markets, he brings the depth and breadth of proven experience and success that our clients have come to expect from Ascensus," David Musto, president and CEO, said in the news release. Mr. Cox and Ms. Creonte report to Mr. Musto.
Mr. Cox is responsible for more than $71 billion in retirement assets under administration as of March 31, the company said. Ascensus has another $86 billion in AUA in its FuturePlan third-party administration business.