Voya CEO on Executing M&A Transactions During COVID-19 Pandemic
Businesses in industries across the board are still reeling from the impacts of the current COVID-19 health crisis. The majority have had to pivot and rethink many of their processes while generating innovative solutions to better serve their clients. In the M&A space, for instance, have transactions changed dramatically because of the pandemic?
In this episode of Deal Talk with 7MA, host Leroy Davis joins Rod Martin, Chairman and CEO at Voya Financial, and PPI International’s Jim Galli, to discuss their personal experiences conducting M&A transactions during the crisis. Rod shares how Voya has shifted its focus to retirement investment management and employee benefits, what that shift looks like for them, and the challenges they faced in making that pivot. (7:35) For Voya, the switch to remote work was nearly seamless due to the existing infrastructure and remote-capable tools, surprising even Rod. (9:22)
Rod goes on to explore innovations and changes to the business landscape amid the pandemic, including the shift to a virtual workforce. (15:04) Companies are still willing to do business, so you have to be open to other ways of conducting transactions. There is a focus on developing more flexible and adaptable products, as well as prioritizing the needs of your clients. (21:50)
Both Rod and Jim agree that now is the time for change and introspection. Companies should be thinking about how they can serve their clients using various engagement tools and provide better solutions and value through education and experience. (23:52)
Deal Talk with 7MA, a bi-weekly podcast by 7 Mile Advisors that aims to give listeners a look behind the curtain of the middle-market Mergers & Acquisitions world. 7 Mile Advisors is a middle-market M&A firm based out of Charlotte, NC, that provides investment Banking services and advise on mergers, acquisitions, and private capital transactions around the globe.