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."