Charles C. Cornelio has been appointed to the role of executive vice president and chief administrative officer at Lincoln Financial Group, the company announced on Tuesday.
In his new role, Cornelio will lead the Radnor, Pa.-based carrier's newly formed enterprise services group which is comprised of law, compliance, marketing, information technology and shared services (which includes the company's customer service centers).
Prior to this most recent appointment, Cornelio served as chief information officer (CIO) and senior vice president (SVP) of shared services at Lincoln. He was an Insurance & Technology Elite 8 honoree in 2008.
According to a press release, Cornelio will continue to spearhead many enterprise-wide programs and maintain his leadership position in the carrier's restructuring effort that was initiated in late 2008 in response to difficult market conditions. The company reports that the effort has identified estimated run-rate cost savings of $150 million, pre-DAC and pre-tax, by year-end 2009. Additional actions currently underway will increase expense-save targets to approximately $250 million by the end of the year, according to the company.
"Chuck's specific experience in designing operational structures that maximize efficiency and effectiveness will be instrumental to our overall success," Lincoln Financial president and CEO Dennis R. Glass said in a statement.
In a related move, Lincoln has named Heather Dzielak as the company's chief marketing officer. Dzielak will report to Cornelio and lead the research, marketing, advertising and strategic communications functions as well as support business unit priorities while exploring further ways to drive growth and innovation. Also on Tuesday, the carrier named Mark E. Konen president of both retirement solutions and insurance solutions.