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. 
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