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Press release:

Ascensus President David Musto to Assume Chief Executive Officer Responsibilities in 2020, Bob Guillocheau to Remain Chairman

Issued by: Ascensus

Date: July 8, 2019

DRESHER, Pa., July 8, 2019  -- Ascensus--whose technology, expertise, and collaborative partnership help more than nine million people save for retirement, education, and healthcare--announced today that David Musto, currently president of the organization, will add chief executive officer (CEO) responsibilities to his role, effective January 1, 2020. Bob Guillocheau, currently chairman and CEO of Ascensus, will continue to serve as chairman.

"I'm delighted that David will soon be leading our organization forward as CEO," said Guillocheau. "His deep industry perspective, expertise, and leadership skills are exactly what we need to take Ascensus to the next level and grow our competitive advantage."

Musto added, "I'm honored by the opportunity to build on what Bob has achieved for Ascensus. Our commitment to our clients, partners, and associates has never been stronger, and our investments in our capabilities and services will only continue to grow."

Musto joined Ascensus in 2017. As president, he is responsible for growing the company's existing businesses. With more than 30 years of experience in financial services, he previously served as president of Great-West Investments, executive vice president of Empower Retirement, and CEO of J.P. Morgan Retirement Plan Services. His early career spans executive roles with Prudential Financial, CIGNA, and Kamoon, a start-up financial software company. Musto earned an MBA in Finance and International Business from NYU-Stern School of Business and a BBA in Finance from The College of William and Mary.

Guillocheau is a financial services industry veteran with more than 35 years of experience. He joined the company in 2003 and has held the role of CEO since 2005. Guillocheau was named chairman in 2017. Previously, he was executive vice president and general manager of First Data Retirement Services, chief operating officer of ChannelWave, and chief financial officer for Mellon Bank's Mutual Fund Services Group. He holds a B.S. in Economics and Accounting from The College of the Holy Cross.

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