Great-West Lifeco has appointed Robert Reynolds as president and chief executive officer of Great-West Lifeco US.

Reynolds will also assume the position of president and chief executive officer of Great-West Financial replacing Mitchell Graye who will retire in May this year.

Great-West Lifeco president and chief executive officer Paul Mahon said that the US market represents a significant growth opportunity for Great-West Lifeco.

"The new structure will allow Great-West Lifeco to pursue expanded U.S. market opportunities by leveraging the combined strengths and capabilities of our core businesses in a coordinated manner to best serve clients," Mahon added.

In addition to the new roles, Reynolds will continue as president and chief executive officer of Putnam Investments.

Under the leadership of Reynolds, the retirement business of Putnam Investments will be combined with that of Great-West Financial to create one retirement business catering to small, mid and large-sized corporate 401(k) clients, government 457 plans and non-profit 403(b) entities.

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The combined retirement business will reside within Great-West Financial.