"The investor community is very aware of our brand," says ING. U.S. (VOYA +0.8%) CEO Ewout Steenbergen in a WSJ interview. " Now we need to fully make that transition with distributors, plan sponsors and individual customers. The transformation will take two years. It’s a large exercise."
In a few weeks, the ING spinoff will change its name and logo to Voya Financial.
ROE of 10.3% in 2013 grew from 8.3% in 2012, and the company has set a goal for 12-13% by 2016. "The other message is we have strengthened the balance sheet and capital position of our company. Our focus on retirement is a very big topic in the market. We are one of the largest players in the retirement space in the U.S."
Why rebrand when ING is so well known, particularly in Europe? "There is confusion if you have two companies with the same name and different businesses ... One thing brand experts says is you have to keep your current brand strong before you make a change ... We will spend additional money on advertising, but the amount has not been set."