The executive suite at ING U.S. just got a little less crowded.

According to a memo from CEO Rod Martin to ING employees, a copy of which was obtained by MFWire, ING US [Profile] president and COO Rob Leary will be leaving the asset management company as a possible IPO or sale hangs in the balance.

There won't be a new president for the firm — instead, the executive committee will undergo a wholesale restructuring. Executive vice president Alain Karaoglan will take on COO responsibilities.

Investment management chief Jeff Becker will report to Karaoglan.

Retirement chief Maliz Beams, along with insurance head Butch Britton, will report directly to Martin.

Martin's memo notes that Leary is leaving immediately because his "career ambitions (are) not imminently available at ING U.S."

Perhaps most teasingly, the memo notes that the company will "introduce and progress toward our new ING U.S. culture in the weeks ahead." With deadlines approaching for the ING parent company to sell the US business as part of a deal to payback a Dutch government bailout, there has still been no word of what will happen. An ING representative told the our sister publication 401kWire late last month that an IPO remained the base option. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE