Roger Ferguson to Retire as President and CEO of TIAA

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Nov 17, 2020, 09:48 ET

NEW YORK, Nov. 17, 2020 /PRNewswire/ -- TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, said Roger W. Ferguson, Jr., intends to retire as President and CEO on March 31, 2021. The company's Board and Mr. Ferguson believe it is an appropriate time to identify a successor who can own TIAA's strategy for years to come and work with Mr. Ferguson to ensure an effective transition of leadership.

A Board subcommittee is working with a premier executive search firm to identify and evaluate both internal and external candidates to succeed Mr. Ferguson.

"Roger contributed profoundly to TIAA's success over the last 12 years through his vision and strategy for fulfilling our mission of providing lifetime income to millions of people working in higher education, healthcare, government and arts," said Dr. Ronald L. Thompson, Chairman of the Board of Trustees. "He also greatly enhanced the capabilities we offer those clients and our company's growth through the acquisitions of Nuveen, our investment manager, and TIAA Bank. My fellow Board members and I are grateful for all Roger has done to position TIAA for success through its next 100 years, and we extend our heartfelt thanks to him as he begins his next stage of life."

"I've spent a lot of time reflecting on what would be best for TIAA and those we serve, not only through this year and next, but for many years to come," Mr. Ferguson said. "As we look ahead to a post-pandemic world, the next steps we take will be critical to our long-term mission. I am absolutely convinced – and the Board agrees – that now is the time to select the next CEO who can continue, enhance and drive our strategy for the next decade and beyond. It's the responsible thing to do for this great company. I am eternally grateful to my colleagues for living our values these past 12 years and for the years to come."

Mr. Ferguson steered TIAA through the global financial crisis of 2008-2009 and moved early at the onset of the pandemic to implement remote work for 17,000 global employees. Through these challenges, TIAA continued to make payments to retirees, as it has without interruption since the company's founding in 1918, while also maintaining strong financial health and investing for long-term growth to ensure ongoing resiliency through all environments.

Under his leadership, TIAA added nearly a million new retirement clients, created innovative guaranteed lifetime income solutions and began offering financial wellness resources that help people navigate their financial lives and improve their outcomes. TIAA was also a leading proponent of the SECURE Act to broaden Americans' access to tax-advantaged retirement accounts and prevent them from outliving their assets.

The company also more than doubled its assets under management to more than $1 trillion to become one of the world's top asset managers, acquiring and integrating Nuveen and other investment affiliates and becoming recognized as a leader in Environmental, Social and Corporate Governance investing. It rounded out its financial services platform with the purchase of the former EverBank, now TIAA Bank. These acquisitions directly supported TIAA's mission by broadening the capabilities and financial-wellness resources available to clients and also helped diversify the company's sources of revenue.

Mr. Ferguson has also been a passionate advocate and thought leader for not-for-profit higher education, serving on several commissions, including co-chairing the Academy of Arts and Sciences' Commission on the Future of Undergraduate Education. And, in keeping with TIAA's rich legacy, he has been a proud champion of inclusion and diversity -- within the company and for people everywhere. He oversaw the launch of TIAA's Business Resource Groups that connect and unite diverse employees for talent development, networking and community outreach and philanthropy as well as serving our clients. He has campaigned prominently for broad access to financial advice and planning resources, pushed corporate boards to become more diverse and published widely on the impact of systemic racism on the economy, health and education.

Mr. Ferguson joined TIAA as President and CEO in 2008, having previously served as head of financial services for Swiss Re and chairman of that global reinsurance company's America Holding Corporation. Prior to Swiss Re, he was Vice Chairman of the Board of Governors of the U.S. Federal Reserve System, which he joined in 1997. Before that he was a partner at McKinsey & Company, where he worked from 1984 to 1997. Mr. Ferguson began his career in 1981 as an attorney at Davis Polk & Wardwell.

About TIAA

With an award-winning^[1] track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1.2 trillion in assets under management (as of 9/30/2020^[2]) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.

^[1]The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. For more information, see lipperfundawards.com. Lipper Fund Awards from Refinitiv, ©2020 Refinitiv. All rights reserved. Used under license. The Award is based on a review of risk-adjusted performance of 39 companies for 2016, 36 for 2017, 35 for 2018 & 2019, and 30 for 2020. The award pertains only to the TIAA-CREF mutual funds in the mixed-asset category. Without such waivers ratings could be lower. Past performance does not guarantee future results. For current performance, rankings and prospectuses, please visit TIAA.org.

^[2]Based on approximately $1.2 trillion of assets under management across Nuveen affiliates and TIAA investment management teams as of 9/30/20.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

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