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Voya Financial Renews 401(k) Plan Services for Baker Botts
Voya Financial will continue serving as the 401(k) plan recordkeeper for international law firm Baker Botts, extending a relationship that has helped the firm's employees prepare for retirement for more than 25 years. In the renewed agreement, effective Aug. 1, Voya will continue providing retirement plan services to more than 1,800 participants and support more than $900M in plan assets.
TCIM Holds 4.5% Stake in Voya Financial, Calls for Board to Review Strategic Alternatives
TOMS Capital Investment Management, TCIM, manages funds that together have an investment representing an approximately 4.5% beneficial ownership in Voya Financial. TCIM commented on Voya's August 7 press release regarding TCIM's launch of a campaign to allow shareholders to vote on a non-binding resolution, stating that they no longer have confidence in the Board of Directors and management of Voya Financial, and sending a clear message that the Board should commit to review strategic alternatives and engage with interested parties. "As we have consistently stated, we view Voya as one of the most compelling and undervalued franchises in financial services. Its talented employees and impressive clients are second to none in the industry, and as one of the Company's largest shareholders, our interests are aligned with what is best for Voya... We want to be crystal clear: we will not be deterred from taking all necessary steps to permit shareholders to express their views prior to the Company's window for director nominations opening in January. Voya can continue its campaign of obstruction and delay but it will not change our resolve. Ultimately, we believe the Board and management are hampering what is a great franchise with an incredible team. Shareholders - and all stakeholders - deserve answers, and we will continue to press on until the Company addresses the serious matters we have raised."
Voya Financial Expresses Concerns Over TOMS Capital Complaint
Voya Financial is aware of the recent public letter and purported proxy filing from TOMS Capital Investment Management LP and affiliates. The company said, "These materials describe a fictitious shareholder meeting in a manner and format that is liable to confuse and deceive our investors. Voya has serious concerns regarding TCIM's conduct in this matter. TCIM's materials contain inaccurate and misleading statements and reproduce media reports that contain false information about the Company. We advise our shareholders that there is no upcoming shareholder meeting and there are no matters for shareholders to vote on or for which proxies could be solicited. Voya recently held its annual shareholder meeting in May 2026. The Company has provided the voting results from that meeting in its Current Report on Form 8-K, filed with the SEC on May 21, 2026. Voya considers TCIM's actions to be manipulative and deceptive. Voya is seeking regulatory intervention to protect its shareholders against TCIM's conduct, and to mitigate the adverse impact that TCIM's actions may have on our employees and customers."
TOMS Capital Proposes Strategic Review for Voya Financial
TOMS Capital Investment Management, which manages funds that together have an investment representing an approximately 4.5% economic interest in Voya Financial, announced that it has filed preliminary proxy materials to provide shareholders with the opportunity to consider and vote on a non-binding resolution. "Voya is a high-quality franchise that, under its current leadership, has been weighed down by repeated strategic missteps that have eroded investor confidence. These include the ill-fated Benefitfocus acquisition, recurring underwriting losses in the stop-loss business, and inconsistent execution against stated targets. Disappointing second quarter 2026 results reported by the Company earlier this week only reinforce our concerns... Unfortunately, shareholders have paid a steep price for leadership's unforced errors and closed-mindedness. Since current CEO and director Heather Lavallee was named President and announced as the next CEO in July 2022 until the first public report of TCIM's involvement on April 23, 2026, Voya's total shareholder returns have underperformed peers by an approximately 37 percentage-point gap... Ultimately, we believe there is a clear case for this Board to fulfill its fiduciary responsibilities to shareholders by publicly announcing a strategic alternatives review process and engaging with potential partners, and many of our fellow shareholders - particularly active managers - share our perspective."
Voya Financial Reports Q2 Revenue of $1.9B
Reports Q2 revenue $1.9B, consensus $1.9B. "Our businesses performed well during the second quarter, reflecting continued commercial momentum, higher fee-based revenues and disciplined execution across the company," said Heather Lavallee, chief executive officer, Voya Financial. "These results demonstrate the strength of our workplace-centered business model, and the complementary capabilities of Voya Investment Management, which together position us to meet a broader range of customer needs while delivering value for shareholders. Strong underlying performance trends across our businesses, together with benefits from actions we took this quarter to reduce ongoing operating expenses, support our confidence in a robust outlook for the third and fourth quarters of 2026."
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