TOMS Capital Investment Management LP has taken a significant step by filing a proxy statement urging shareholders of Voya Financial, Inc. to vote against the current management in a no confidence referendum. This move underscores a growing dissatisfaction with Voya's leadership and strategic direction, particularly under CEO Heather Lavallee.

The filing, dated October 27, 2026, indicates that TOMS Capital believes Voya has underperformed its peers and is trading at a significant discount. TOMS Capital's Chief Investment Officer, Benjamin Pass, has been vocal about the need for change at Voya, citing a lack of confidence in the current management's ability to enhance shareholder value.

Background

TOMS Capital Investment Management LP, based in New York, is a Delaware limited partnership focused on investment management. The firm was founded in June 2018 and has developed a reputation for its opportunistic investment strategy. Voya Financial, on the other hand, is a financial services company that specializes in retirement, employee benefits, and investment management. It operates as one of the top five defined contribution recordkeepers in the United States.

What the Filing Says

The proxy statement filed by TOMS Capital highlights the firm’s concerns regarding Voya's recent performance. According to the filing, "Voya has trailed the median of its core peers by ~40 points of TSR" since Lavallee was appointed CEO. TOMS Capital argues that the current management has failed to engage effectively with shareholders and has not pursued strategic alternatives that could unlock value for investors.

Impact

This development may significantly impact Voya's shareholders, as the no confidence vote could lead to a reevaluation of the company's leadership and strategic direction. If shareholders respond positively to TOMS Capital's call, it could result in a shift in management and a renewed focus on maximizing shareholder value. The life insurance industry may also feel the ripple effects of this potential leadership change, as Voya is a major player in the sector.

What's Next

The filing does not specify what happens next, but it indicates that TOMS Capital will continue to engage with Voya's shareholders to solicit their support for the no confidence vote. The outcome of this referendum could lead to significant changes in Voya's management and strategic approach.

For more details, refer to the SEC filing under accession number 0001140361-26-040860.