Lincoln Financial Group Names SVP/Head Of Procurement and VP/Managing Director, Investment Strategy and Analytics

In their new roles, Steven Budzynski will implement new sourcing and procurement strategy, and Patrick McAllister will be responsible for strategic asset allocation and portfolio construction.

Charged with implementing a companywide sourcing, purchasing and procurement strategy, Steven Budzynski has joined Lincoln Financial Group (Radnor, Pa.) as senior vice president and head of procurement, a newly created position. Budzynski will report directly to Randy Freitag, executive vice president and chief financial officer.

Previously, Budzynski served as director of North America Sourcing and Procurement for Tyco International. He also spent more than a decade at GlaxoSmithKline, where he served as director of Procurement Transformation Program Management, director of Global IT Procurement and vice president of Corporate Services and Operations Procurement.

"Steven is an accomplished executive with 25 years of global strategic sourcing and supply management experience," said Freitag, in a press release. "He has a proven track record of implementing strategic programs that align with business objectives. This move places increased strategic focus on the procurement process and is designed to increase performance and drive greater cost savings."

[RFPs are critical tools in the procurement process, according to Russ Bostick and Donn Vucovich, MVP Advisory Group. Read Sorting Vendors into Piles: The Proper Role of an RFP]

Lincoln Financial Group also announced that Patrick McAllister has joined the company as vice president and managing director of Investment Strategy and Analytics. McAllister will be responsible for strategic asset allocation and liability-driven portfolio construction. He joins Lincoln Financial from Morgan Stanley, where he most recently served as executive director in the Global Capital Markets division.

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio