TIAA, the provider of asset management and other financial services to fields including academia, medicine and government, said Tuesday that Chief Executive Roger Ferguson would retire in March after 12 years in the post.
The Wall Street Journal reports that Ferguson, 69, who is a former Federal Reserve vice chairman and one of Wall Street's most prominent black executives, is a top contender to lead President-elect Joe Biden's Treasury Department.
TIAA’s board retained an executive-search firm to find a successor to Ferguson, TIAA, formally Teachers Insurance and Annuity Association of America, said in a statement.
Ferguson strengthened TIAA through the acquisitions of Nuveen, its investment manager, and what is now TIAA Bank, said Ronald L. Thompson, chairman of the board of trustees, in a statement.
The company doubled assets under management to more than $1 trillion by acquiring and integrating Nuveen. It also diversified its portfolio by purchasing EverBank (now TIAA Bank), among other investment affiliates.
Under Ferguson’s leadership TIAA added around a million new retirement clients, created lifetime income solutions, and began offering financial wellness resources that help people navigate their financial lives and improve their outcomes, the company said.
Ferguson led the firm through the 2009-2009 financial crisis and decided to implement remote work for 17,000 global employees when the coronavirus pandemic hit.
Before joining the company in 2008, Ferguson served as head of financial services for Swiss Re and chairman of the global reinsurer's America Holding division.
He served on the Fed board from his 1997 appointment by the Clinton administration until he resigned in 2006. Ferguson advised Barack Obama on his first presidential campaign, serving on Obama's Transition Economic Advisory Board, the Journal reported.
Ferguson has a Ph.D. in economics and a law degree from Harvard University.