Voya Financial Inc. is eliminating the COO role as it simplifies its management structure following an agreement that will see it divest its variable annuity and fixed indexed annuity businesses and related assets.

As a result, COO Alain Karaoglan is leaving the company, effective March 30. Karaoglan has occupied the COO position since it was created and is also the principal officer and a named executive officer of the company.

CEO Rodney Martin and other members of senior management will take on Karaoglan's responsibilities until his departure takes effect.