Lincoln Financial Group (Philadelphia) announced that Charles C. Cornelio, who most recently served as Lincoln Financial's Chief Administrative Officer of Lincoln Financial, has been named President of the Defined Contribution business, effective immediately. In this new role, Cornelio is responsible for the growth and profitability of Lincoln's defined contribution business.
"Defined contribution (DC) programs are critical to helping many Americans rebuild their retirement savings," said Dennis Glass, President and CEO, Lincoln Financial Group, in a press release. "Lincoln is well-known as a leader in areas of the defined contribution business, such as healthcare and education 403(b), and we are well-positioned to build on that reputation to expand our 401(k) and 403(b) presence. I am confident that Chuck's strengths in managing complex organizations and leading change in fast-growing environments will allow us to execute our strategy and drive growth in DC."
Cornelio, who in 2008 was recognized as one of Insurance & Technology's Elite 8 technology executives, will partner with Lincoln's manufacturing and distribution platforms (Lincoln Financial Distributors) in his new role. While he will retain oversight for certain centralized services that are critical to the success of Lincoln's DC business and other business lines, the remainder of his previous responsibilities have been reassigned to other areas within the company.
In conjunction with this move, Mark E. Konen, President of Retirement and Insurance Solutions, will take on added responsibilities as co-chair of the company's Investment Management Committee and co-vice chair of the Risk Management Committee. He will continue to oversee growth and profitability for the company's individual life, individual annuities and group protection businesses.
As a result of the pending sale of Delaware Investments, Chief Financial Officer Fred Crawford will assume responsibility for a new General Account Investment Strategies team, which will provide strategic oversight of the insurance general account activities.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio