CHARLOTTE, N.C. – J. Spencer Williams, a former executive with MassMutual, is the new president and chief executive officer of RolloverSystems.

The company, which provides services for 301(k) retirement plans, had been run on an interim basis by Lisa Pickrum, the firm’s chief operating officer. Pickrum will remain a member of the RolloverSystems board, the company said in a statement.

Founder and former CEO Reginald Bowser left the firm in January in a management shakeup. He remains a member of the board of directors.

Williams comes to Rollover Systems from MassMutual where he was senior vice president for the income management group. He will join the company in mid-April.

“Spencer is the right individual to lead RolloverSystems to the next level in its growth,” Pickrum said in a statement. “He has a strategic vision to continue to grow the customer base and provide a solution set that will become the industry standard.”

Robert Johnson, chairman and CEO of The RLJ Companies and majority owner of the NBA Charlotte Bobcats, is an investor in RolloverSystems.

”The members of the board are looking for a CEO who understands the need for the company to drive towards an industry standard that takes into account the complexities of the rollover services market, including the varied stakeholders who touch the end participant in the process,” Johnson said. “Spencer’s experience makes him well-suited to this role. In addition, he is a seasoned executive who understands the strategy and process needed for RolloverSystems to grow to its full potential.”

"The rollover IRA market is an unprecedented opportunity involving hundreds of billions of dollars and tens of millions of Americans," said Mr. Williams.

"RolloverSystems is uniquely positioned to help stakeholders such as retirement plan consultants, employers, consumers, plan providers and financial advisors to maximize their opportunity in the IRA market. I feel privileged to lead such an innovative company at this important time."