Empower Promotes Joe Smolen to Lead $1.9T Workplace Solutions Unit
Event summary
- Joe Smolen promoted to President of Empower’s Workplace Solutions unit, overseeing $1.9T in AUM across 61,000 employer-sponsored retirement plans.
- Smolen succeeds himself, moving from EVP of Core & Institutional Markets role he held since 2017 (expanded to include Mid-Market in 2024).
- Ken Munro appointed as EVP to head Core & Mid-Market segments, reporting to Smolen.
- Workplace Solutions serves 18.8M plan participants across government, corporate, nonprofit, and healthcare plans.
- Changes effective immediately as of January 21, 2026.
The big picture
Empower’s leadership shuffle comes as the retirement services industry faces pressure to innovate and consolidate. With $2T in AUM, the company is positioning itself to capture more of the employer-sponsored retirement market, particularly in the mid-market and mega-corporate segments. The internal promotion of Smolen and Munro reflects a strategic bet on deepening client relationships and product innovation to maintain competitive edge.
What we're watching
- Strategic Focus
- How Smolen will prioritize growth and innovation in the Workplace Solutions unit amid increasing competition in retirement services.
- Leadership Continuity
- Whether Munro can maintain momentum in Core & Mid-Market segments following Smolen’s transition to a broader leadership role.
- Market Positioning
- The pace at which Empower can expand its market share as America’s second-largest retirement services provider.
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