Bob Reynolds is stepping back, but not out, as a longtime lieutenant rises. Yet Reynolds is sticking with Putnam [profile].

Robert Lloyd Reynolds Putnam Investments / Great-West Life & Annuity Insurance Company President, CEO / CEO

Ed Murphy, age 56, is taking over from Reynolds, age 66, as president and CEO of Great-West Life & Annuity Insurance (GWL&A) company, Great-West Lifeco president and CEO Paul Mahon confirmed yesterday. Reynolds will rise to chairman of Great-West Lifeco U.S., the parent of Putnam, and he will continue to serve as president and CEO of Putnam itself (as he has since 2008).

In addition to Putnam, Great-West Lifeco U.S. (the U.S. arm of Mahon's Winnipeg, Manitoba-based Great-West Lifeco, which in turn is part of the Power Financial empire) also includes: Empower Retirement, a big retirement plan recordkeeper; Great-West Investments, a multi-manager mutual fund firm; and a life insurance and annuity business that the company is expected to sell later this year. In addition to his new role, Murphy will continue to lead Empower as he has done since its formation in 2014 (the same year Reynolds rose to president and CEO of Great-West Lifeco U.S.).

"It's Bob's leadership over the years that has helped strengthen GWL&A's position in the U.S. market," Mahon states. "I look forward to continue working with Bob in his new role and remain confident that he will continue to help grow our business in the U.S. and position us well for continued success into the future." 

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