What set Diana Winalski apart from 100 applicants
By Christine Giordano
EY’s gain is International Paper’s loss. In a move that surprised the industry, Diana Winalski left her role as deputy chief investment officer of the $15B retirement funds at International Paper and treasurer of the International Paper Co. Foundation, to take the role of deputy CIO of EY. She will be helping to manage the company’s five defined benefit (DB) and defined contribution (DC) plans with assets under management upwards of $30B, reporting to Walter Kress, CIO for EY Americas.
“Diana’s deep institutional expertise, sedulous approach to manager selection and portfolio construction, and forward-thinking framework to problem solving, will be invaluable as we continue to optimize and grow our retirement plan system,” said Kress in a written statement.
EY was searching for a deputy who would be able to navigate the complexity of its retirement plans, since the auditing, tax and consulting firm must follow stringent SEC independence regulations that prohibit hiring investment managers who it audits and requires it to hold only liquid investments in its plans. EY is a partnership, not a C corporation, is sponsor of five multi-billion dollar plans, including open and active DB plans (an open DB plan is becoming a rarity among private pension plans), and a large 401(k) savings plan. Collectively the plans coverover 90,000 participants, according to its 5500 data from 2023.
In April, EY’s former deputy CIO Carol Chan, who worked at the company for 15 years, left to take a position as Chief Investment Officer of The Inter-American Development Bank. When the news broke that Chan was leaving and EY was seeking to hire a new deputy CIO, a flurry of more than 100 candidates applied for the rare role, and EY interviewed more than 20 applicants, according to sources close to the matter.
What set Winalski apart and won her the role, were her skills from working on both the buy and sell sides of the industry, as well as her grasp of DB plan complexities, her leadership roles within the industry, her comfortable gravitas that enabled her to easily interact with people at all levels of an organization, and her command of new offerings within the 401(k) market (such as real estate investments, multi manager white label funds, and approaches that can help control risk and lower tracking error – skills that can be crucial for an auditing firm such as EY) according to people close to the matter.
An industry veteran, her three decades of experience include leadership roles at Xerox Corporation as Director of 401K Investments, and impactful positions at Rocaton Investment Advisors, Wellington Management Company, and Fidelity Investments.
At Xerox, Winalski worked under Carol McFate, known for her problem-solving skills, and has held leadership roles within many industry groups, such as PGIM PRREF Advisory Council, Empower Voice of Client Council, Edelman Financial Engines Advisory Council, Vanguard Client Council, and is an active member and former president of Pension Group East. She holds an MBA from Boston University and a BA from Simmons College.
“Her commitment to innovation and her extensive network within the industry makes her an exceptional addition to our leadership team,” said Kress.
At International Paper, Winalski spent 9 years gaining a significant amount of experience launching new funds and products. She oversaw all aspects of the $7 billion 401(K) plan with nearly 50,000 participants across multi-manager active and passive fund options.
As she reported to the Investment and Steering Committees, she monitored the plan’s investment managers, and collaborated with its CIO on global investments that included private equity, private real estate, hedge funds, public/private markets, and long duration strategies. She also managed all of the managers in the Pension and Savings Plan, (including overlay, investment grade, high yield, EMD, long credit/STRIPS/Treasury) and launched a Long Bond Fund and out-of-plan annuity platform in savings plan. She was promoted to Deputy CIO in 2023 upon the retirement of longtime CIO Bob Hunkeler. Craig Wocl has been promoted to her position at International Paper, according to a recent internal company memo.
As per EY materials, Winalski is known for her “participant-focused investment philosophy, consistently championing innovation and fiduciary excellence in defined contribution and defined benefit plans to maximize plan participants’ retirement security.”
Related Stories:
Exclusive: International Paper chooses new Deputy CIO
