Maliz Beams is out as the CEO of Retirement Solutions at Voya Financial.

Rodney Martin Jr., Voya Financial's chairman and CEO, said in a press release Wednesday that he has decided to assume oversight of Beams' division, which includes the retirement and annuities segments.

As a result, Beams left the company to pursue other opportunities, effective immediately, according to the press release.

"In considering the significant role that our Retirement Solutions business plays both in our financial performance and in our value proposition, at this time I have decided to directly oversee the next phase of the businesses' growth and expansion," Martin said.

Beams was named to American Banker's "25 Most Powerful Women in Finance" list for 2014, and has appeared on the list in past years as well.

Under Beams, Voya Retirement Solutions generated $953 million of operating revenue in the first quarter of 2014, a 7% increase from a year earlier, according to data supplied for the Most Powerful Women program.

Voya, which is the former ING U.S., netted $1.27 billion in an initial public offering in spring 2013, as it transformed into a standalone company.

"I am grateful to Maliz for her many contributions to Voya Financial over the past several years, including the important role she played in our transformation efforts and in helping our clients with their retirement readiness needs," Martin said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.