Empower Taps Veteran Leader to Steer $1.9 Trillion Retirement Unit

GREENWOOD VILLAGE, CO – January 21, 2026 – Empower, America’s second-largest retirement services provider, has executed a significant leadership transition, promoting 26-year company veteran Joe Smolen to President of its Workplace Solutions business. The move places a long-serving executive at the helm of a division responsible for approximately $1.9 trillion in assets under administration, underscoring the firm’s strategy of leveraging deep internal expertise to fortify its market dominance.

In a concurrent move that reinforces this approach, Ken Munro, another long-tenured leader, has been elevated to Executive Vice President to head the Core & Mid-Market segments, succeeding Smolen. The appointments, effective immediately, are a clear signal of Empower’s focus on continuity and strategic execution as it navigates a period of substantial growth and industry-wide transformation.

A Strategy of Internal Ascent

In an industry where leadership changes can often introduce uncertainty, Empower is doubling down on stability. Smolen’s promotion is the culmination of a nearly three-decade career within the organization. He joined in 1999 as a regional sales director and steadily rose through the ranks, earning accolades such as National Salesperson of the Year twice before taking over the core markets in 2017. His leadership has been instrumental in a period of significant expansion, including the successful integration of Prudential’s retirement business in 2024, which retained 94% of client assets.

Rich Linton, President and Chief Operating Officer of Empower, lauded Smolen’s history of success. “Joe is a proven leader who consistently delivers results while keeping clients and partners at the center of everything he does,” Linton stated. “His deep understanding of the workplace retirement landscape, combined with his ability to lead high-performing teams, makes him exceptionally well suited to lead our Workplace Solutions business as we continue to innovate and grow.”

Similarly, Ken Munro’s appointment to oversee the Core & Mid-Market segments reflects a commitment to proven internal talent. Having joined Empower in 2006 and most recently serving as Senior Vice President and National Sales Director, Munro brings extensive experience in driving growth and managing key advisor relationships. This focus on promoting from within provides a deep well of institutional knowledge at the highest levels.

“This transition reflects the strength of our leadership bench and our continued focus on developing talent from within the organization,” Linton added, emphasizing that Munro’s “experience, operational expertise, and commitment to our clients position him well to build on the strong foundation Joe established.”

The Trillion-Dollar Handover

The scale of Smolen’s new responsibility cannot be overstated. The Workplace Solutions business unit is the engine of Empower’s operations, serving over 61,000 employer-sponsored retirement plans and the more than 18.8 million Americans who participate in them. Its portfolio is vast and diverse, encompassing corporate 401(k) plans of all sizes, government 457 plans, non-profit 403(b) entities, and defined benefit plans.

Taking the reins of this nearly $2 trillion division, Smolen will now direct strategy, growth, and product innovation for a segment that is fundamental to the retirement security of millions. His extensive experience, from direct sales to leading the core and institutional markets, provides a comprehensive view of the needs of plan sponsors and their participants. His leadership tenure also coincides with a period of robust financial performance for the company, which saw record base earnings of $973 million in 2024, a 30% increase from the prior year.

Beyond his corporate roles, Smolen’s recent tenure as Board Chair for the Society of Professional Record Keepers and Asset Managers (SPARK) demonstrates a commitment to shaping industry-wide standards and best practices, a perspective that will be invaluable as he guides Empower’s largest business unit.

Navigating a Shifting Retirement Landscape

These leadership appointments come as the entire retirement industry confronts a wave of change driven by technology, regulation, and evolving participant expectations. The widespread adoption of Artificial Intelligence is paving the way for hyper-personalized financial advice and automated plan management, moving beyond one-size-fits-all solutions. At the same time, regulatory shifts, including the full implementation of the SECURE 2.0 Act, are compelling plan sponsors to re-evaluate plan design, from auto-enrollment to the inclusion of in-plan retirement income solutions.

There is also a growing demand for comprehensive financial wellness programs that address an employee’s entire financial picture, including debt management, emergency savings, and healthcare costs. Placing seasoned leaders like Smolen and Munro in charge of its key business lines positions Empower to not only react to these trends but to proactively lead innovation. Their deep client relationships and understanding of the operational complexities are critical assets for guiding tens of thousands of plan sponsors through this evolving landscape.

Fortifying the Core and Mid-Market Engine

While Smolen steers the flagship division, Ken Munro’s leadership of the Core & Mid-Market segments is equally critical to Empower’s growth strategy. This unit, which administers over $360 billion for 4.8 million participants in plans up to $150 million, is a vital engine for growth and a key touchpoint for the financial advisor community. It serves a diverse array of clients, including start-up plans and complex pooled employer plans (PEPs).

Munro’s background as National Sales Director makes him uniquely qualified to advance the segment’s strategic priorities, fostering the crucial relationships with advisors who often guide plan sponsors in these markets. His focus will be on maintaining service excellence while continuing the segment’s growth trajectory. By ensuring both the mega-market and the core-market segments are led by experienced executives with complementary skills, Empower has created a cohesive structure designed to capture opportunities across the entire spectrum of the employer-sponsored retirement market, reinforcing its formidable competitive position.