GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Empower announced today that Casey Craig has been appointed executive vice president of Empower’s Large, Mega and Not-for-Profit (LMN) segment.
Craig joined Empower in 2009 as a Regional Sales Director and has most recently been leading the LMN sales organization, consultant relations, as well as participant engagement and communication.
He replaces Bill McDermott, who will be retiring July 1.
The LMN segment consists of more than 1,600 plan sponsor clients on behalf of whom Empower administers $824 billion in assets and serves nearly 8 million retirement plan participants. For corporate clients, Empower defines “large” and “mega” as clients who have retirement plan assets over $75 million. The LMN segment serves not-for-profit clients of all sizes, including healthcare, religious and non-governmental organizations.
“We have seen terrific developments in our LMN segment under Bill’s leadership, and Casey is a leader who will help Empower continue that legacy,” said Edmund F. Murphy III, president and chief executive officer for Empower. “Casey has proven himself with the customer focus he has on his team, and his experience will be invaluable as we help our clients create the state-of-the-art retirement plans they need for their employees.”
“Casey has deep experience working across the marketplace with consultants, advisors and plan sponsors,” said Rich Linton, president and chief operating officer for Empower. “He brings a wealth of industry expertise and an outstanding track record of advocating for client service. He has impressive instincts on how to help clients build the retirement plans they need for their employees.”
Craig’s new role will begin on July 1, and he will report to Linton.
Prior to joining Empower, Craig was with Fidelity Investments, where he held account executive and sales leadership roles in their Institutional 401(k) business. Before Fidelity, Craig was with the Boston Celtics as director of sales and marketing.
Craig graduated from Juniata College and received his master’s degree from West Virginia University. He is an active member of his community, volunteering his time to the Laurel Highlands Foundation and the Westmont Hilltop School District. He is also a member of the veterans business resource group (Voice of Experience Through Services (VETS)) at Empower.
A legend moves on
McDermott is a 30-year veteran in the benefits and retirement industry and joined Empower in 2012 as part of the J.P. Morgan Retirement Plan Services business acquired by Empower. Previously, McDermott held leadership roles at Goldman Sachs, Fidelity, AXA Equitable (now Equitable Holdings, Inc.) and Hewitt Associates (now Aon Hewitt).
“Bill’s contributions have been legendary as he has been an integral part of delivering modern retirement services to millions of people. We all wish him the best as he prepares for a well-deserved retirement,” Murphy said.
“Bill is going to be greatly missed by his clients, his team and everyone at Empower,” said Linton. “His personality, his warmth and his sense of humor are well-known across the industry. He has led and grown this segment with countless successes, and we are grateful to the commitment he made to Empower.”
ABOUT EMPOWER
Recognized as the second-largest retirement services provider in the U.S.1 by total participants, Empower administers approximately $1.6 trillion in assets for more than 18.6 million investors2 through the provision of retirement plans, advice, wealth management and investments. Connect with us on empower.com, Facebook, X, LinkedIn, TikTok and Instagram.
1 Pensions & Investments DC Recordkeeper Survey (2023). Ranking measured by total number of participants as of September 2022.
2 As of March 31, 2024. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.
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