David Musto will become the chief executive officer of J.P. Morgan Retirement Plan Services (RPS), according to an announcement Wednesday.
Mr. Musto succeeds current CEO Pamela Popp , who has taken on a new role as Head of Retirement Strategic Initiatives, helping drive the asset management division's overall retirement growth initiative. Both Mr. Musto and Ms. Popp report to Michael Falcon, Head of Retirement at J.P. Morgan Asset Management.
"We have been making steady investments in our RPS, DCIO and other retirement related businesses to support the continued rapid growth and innovation we expect in this market, " said Mr. Falcon. "A new generation of retirees is depending on our industry to revolutionize retirement planning and develop new products and services that meet new market realities and concerns. We are thrilled to have one of the most experienced, talented management teams in place and this natural progression of leadership will help accelerate new initiatives, leveraging the vast capabilities and reach of J.P. Morgan."
Mr. Musto was most recently Chief Operating Officer of J.P. Morgan Retirement Plan Services, with responsibility for day-to-day business oversight and analysis in support of RPS's long-term growth and efficiency goals. Prior to that, he was head of J.P. Morgan's Defined Contributions Investment Solutions (DCIS) business. His extensive industry experience also includes leadership positions in the retirement and benefits businesses of Prudential Financial and CIGNA.
Ms. Popp has been with J.P. Morgan for 14 years, during which time she has been instrumental in the development and growth of RPS into a major industry player. Prior to J.P. Morgan, Ms. Popp's experience includes roles with American Century Investments and Hewitt Associates.