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Lincoln Financial Names New President For Defined Contribution

IBR Staff Writer Published 09 December 2009

To execute company's strategy and drive growth

Lincoln Financial Group, a Philadelphia-based diversified financial services organization, has named Charles Cornelio, who most recently served as chief administrative officer of Lincoln Financial, as president of the defined contribution (DC) business, effective immediately.

In this new role, Mr Cornelio will be responsible for the growth and profitability of Lincoln's defined contribution business. He will partner closely with Lincoln's manufacturing and distribution platforms (Lincoln Financial Distributors).

In conjunction with this move, Mark 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.

Dennis Glass, president and CEO of Lincoln Financial Group, said: “Defined contribution programs are critical to helping many Americans rebuild their retirement savings. 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 401(k) and 403(b) presence.

I am confident that his strengths in managing complex organizations and leading change in fast-growing environments will allow us to execute our strategy and drive growth in DC.”