Lincoln Financial Group Names New President for Defined Contribution Unit
PHILADELPHIA, PA, December 9, 2009 -- Lincoln Financial Group (NYSE: LNC) today announced that Charles C. Cornelio, who most recently served as 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 programs are critical to helping many Americans rebuild their retirement savings," said Dennis Glass, President and CEO, Lincoln Financial Group. "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 401k 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 will partner closely with Lincoln's manufacturing and distribution platforms (Lincoln Financial Distributors) to ensure Lincoln remains at the forefront of market trends, product evolution and client responsiveness. While Cornelio 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 re-assigned 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 for the corporation 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.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. With headquarters in the Philadelphia region, the operating companies of Lincoln Financial Group had assets under management of $137 billion as of September 30, 2009. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401k and 403(b) plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services. Affiliates also include: Delaware Investments, the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.
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