By Cyril Tuohy
Steven Budzynski has joined Lincoln Financial Group as senior vice president and head of procurement, and Patrick McAllister has been named vice president and managing director of investment strategy and analytics, the company has announced. Both appointments were effective July 15.
Both executives are expected to play key roles in the company’s growth plans, which include a reliance on analytics to develop new products and target them more carefully at specific market segments.
Lincoln also is acutely aware of the importance of cost control in an era of low interest rates.
Budzynski is responsible for implementing a companywide sourcing, purchasing and procurement strategy. In the newly-created position, he will report directly to Randy Freitag, executive vice president and chief financial officer, Lincoln said in a statement.
Budzynski, who earned an master’s in business administration from Drexel University, previously served as director of North America sourcing and procurement for Tyco International, and was director of procurement transformation program management at the pharmaceutical giant GlaxoSmithKline.
He also holds Certified Purchasing Manager and Certified Professional in Supply Management accreditations from the Institute for Supply Management, the company also said.
McAllister, a quantitative expert, joined the company from Morgan Stanley where he was a senior executive in the bank’s capital markets division. He is responsible for asset allocation strategies and investment portfolio management, the company said.
McAllister has more than 20 years of experience in insurance, investment and capital markets.
McAllister, who holds a doctorate in economics from Stanford University, served as managing director of equity derivatives for Societe Generale before joining Morgan Stanley in 2006. He has held previous positions at Constellation Financial Management and First Union Corp., now Wells Fargo.
His writings appear in the Journal of Banking and Finance, Annals of Operations Research, Journal of Economic Theory and Journal of Policy Modeling, the company also said.
Dennis Glass, Lincoln Financial chief executive officer, said in a conference call earlier this year that he was confident the life insurance giant had “the skilled workforce in place” to continue on the path to growth.
Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at Cyril.Tuohy@innfeedback.com.
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