ING shuffles executive pack

ING Australia has created four new business units and restructured its executive line-up as part of a strategy to better capitalise on its major distribution channels.

The move, which will take effect from January 1, 2005, sees a split in the management tiers of its insurance business and a merging of its sales and marketing divisions.

The reshuffle has ended Charles Smith's tenure as executive director sales and national distribution. He will step into the role of director business development for ING Advice.

Smith will no longer serve on the executive board, but instead will sit on the board of ING's advice subsidiaries, including Tandem and Millennium 3.

Also affected by the move is executive director marketing Ross Bowden, who will head up a new employer superannuation unit.

"My executive team will be better balanced across our various businesses and I have been able to promote a number of high performing members," ING chief executive Paul Bedbrook says.

The insurance division has been split into risk and direct units, with current head of insurance Helen Troup moving to the risk side and ANZ head of insurance services Richard Schoeffer taking on the direct insurance role.

Alexis George moves from her posting as executive director customer services to head the new savings and retirement unit.

The fourth new unit - sales and marketing - is without a leader, and until ING fills the vacancy, current head of states and operations John Suter will oversee the transition of the two divisions in a caretaker capacity.

The remainder of the executive team remain in their existing positions.

Heads of ING advice, business and technology and corporate finance remain unchanged with Colin Morgan, David Spreadbury and Rob Hayward continuing in their roles.

Heather Loewenthal, Ted Bradshaw and Paul Fyfe will also stay with their portfolios of risk management, people and culture and ING New Zealand respectively.