To enhance the productivity of Lincoln's DC business

Lincoln Financial Group has appointed Charles Cornelio as the president of the Defined Contribution business, effective immediately. In this new role, Mr Cornelio is responsible for the growth and profitability of Lincoln’s defined contribution business.

Dennis Glass, president and CEO, 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.

Mr Cornelio will partner closely with Lincoln’s manufacturing and distribution platforms (Lincoln Financial Distributors). While he will retain oversight for certain centralized services that are critical to the productivity of Lincoln’s DC business and other business lines.

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.