Great West Lifeco Inc. announced Thursday that Robert Reynolds, president and CEO of Putnam Investments, was named president and CEO of Great-West Lifeco U.S. Inc., which owns Denver-based Great-West Financial and Boston-based Putnam Investments.
Reynolds will also replace Mitchell Graye as president and CEO of Great-West Financial in May upon Graye’s retirement.
The companies also announced the same day that under the leadership of Reynolds, Putnam’s retirement business will be combined with Great-West Financial’s to create one of the nation’s leading providers of comprehensive retirement services capabilities to small, mid and large-sized corporate 401(k) clients, government 457 plans and nonprofit 403(b) entities. The combined retirement business will reside within Great-West Financial.
“I approach this with a lot of excitement,” Reynolds said on a Thursday conference call to discuss the announcement.
Reynolds said that Great-West has specialized in serving the small- to midsize end of the 401(k) market while Putnam has been serving the medium to large end. So with the merger of Putnam and Great-West Financial’s retirement businesses, “there will be total coverage of the 401(k) market.”