Founding leader helped shape Empower's growth, build its wealth management business, and expand how the company serves Americans across their financial lives

Empower today announced that Carol Waddell, President of Empower Personal Wealth and one of the company's founding leaders, will retire at the end of 2026, concluding a distinguished tenure that helped shape Empower into one of the nation's leading retirement services and wealth management companies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261109355036/en/

Carol Waddell, President of Empower Personal Wealth and one of the company's founding leaders, will retire at the end of 2026

Since joining Empower at its founding in 2014, Waddell has played a pivotal role in the company's evolution, helping expand its capabilities, strengthen its relationships with customers, and establish a growing presence in wealth management.

"Carol has been part of Empower's story from the very beginning, and few people have contributed more to building the company we are today," said Empower President and CEO Edmund F. Murphy III. "She is an exceptional leader who combines a deep commitment to customers with a genuine passion for people. Her vision, determination, and leadership have helped shape our business, our culture, and the way we serve millions of Americans. I'm enormously grateful for her partnership, her friendship, and the lasting impact she has made on Empower."

Waddell joined Empower from J.P. Morgan Retirement Plan Services when the company was established in 2014. As one of its original leaders, she built the Retirement Solutions Group, transforming an IRA rollover offering into a full-service wealth management business.

In 2023, Waddell led the formation of Empower Personal Wealth, bringing together Empower's consumer business and the acquired Personal Capital business to create an integrated wealth management organization. Under her leadership, the business has experienced sustained growth, expanding Empower's ability to help individuals navigate their financial lives with greater confidence.

"Helping build Empower from its earliest days has been one of the great privileges of my career," said Waddell. "I'm incredibly proud of what we've accomplished together and especially grateful for the talented colleagues and leaders I've had the opportunity to work alongside. We've built something truly special, with a shared commitment to helping people achieve their financial goals. Empower has an extraordinary future ahead, and I look forward to watching the company continue to grow and succeed."

Beyond her business accomplishments, Waddell has been an influential leader and mentor throughout Empower. Known for her commitment to developing talent and fostering a culture of belonging, she has helped shape generations of leaders across the organization. As co-chair of Empower's Diversity, Belonging, and Equity Council, she has also been a champion for creating an environment where associates can thrive.

"Carol's legacy goes well beyond the businesses she built," Murphy added. "She has made the people around her better, helped define our culture, and always kept the interests of our customers and associates at the center of her work. Her influence will be felt across Empower for many years to come."

Waddell's decision to retire follows several months of discussions and planning with Murphy to ensure a smooth leadership transition. She will continue working with Empower's leadership team through the end of the year.

Empower has initiated a search for her successor as President of Empower Personal Wealth. The company's strategy for Empower Personal Wealth remains unchanged, and there are no organizational changes associated with the announcement. Client service and offerings will continue without disruption.

"Carol leaves behind a strong business, an exceptional team, and a foundation for continued success," Murphy said. "We look forward to celebrating her many contributions and wish her every happiness in this next chapter.”

About Empower

Recognized as a leader in retirement services and wealth management,² Empower administers more than $2.3 trillion in assets¹ for more than 22 million individuals through the provision of workplace and individual retirement plans, advice, financial planning and investments.¹ Connect with us on empower.com, Facebook, X, LinkedIn, TikTok, and Instagram.

1 As of Sept. 30, 2026. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. Assets under Administration (AUA) refers to the assets administered by Empower. AUA does not reflect the financial stability or strength of a company.

2 Pensions & Investments DC Recordkeeper Survey (2026). Ranking measured by total number of participants as of Dec. 31, 2025.

Empower refers to the products and services offered by Empower Annuity Insurance Company of America and its subsidiaries.

The information contained herein is being provided for discussion purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities. All visuals are illustrative only.

©2026 Empower Annuity Insurance Company of America. All rights reserved. WF-7348502-1126 RO-6096630-1126

Learn more:

To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109355036/en/