Voya Financial, Inc. announced that its board of directors has appointed Heather Lavallee, 52, currently chief executive officer (CEO) of Voya's Wealth Solutions business, to succeed Rodney O. Martin, Jr., 70, as the company's CEO as part of Voya's planned succession process. Lavallee, who has been appointed Voya's president and CEO-elect, will become CEO on Jan. 1, 2023, when Martin, who also serves as chairman of Voya's board of directors, will assume the role of executive chairman.

Lavallee has also been appointed to Voya's board of directors as of today. Prior to leading Voya's Wealth Solutions business, Lavallee served as president of Voya's Tax-Exempt Markets and, prior to that, as president of the company's Employee Benefits (now Health Solutions) business. Lavallee's 30-year career also includes leadership roles at Mutual of Omaha and Sun Life New York Insurance and Annuity Company before she joined Voya in 2008.