TIAA combines businesses to meet the evolving needs of customers through an integrated team
NEW YORK (June 13, 2018) – TIAA, a leading financial services provider, announced today the appointment of Lori Fouché as Senior Executive Vice President and CEO of Retail & Institutional Financial Services, effective August 7. Fouché will report directly to TIAA President and CEO Roger W. Ferguson, Jr., and will serve as a member of the company’s executive committee.
In this newly created position, Fouché will oversee the company’s institutional and individual client services groups. This integrated team will work together to meet the evolving needs of individual and institutional clients across the full range of financial services, while enhancing efficiency, reducing complexity and providing a more seamless customer experience. The combined business will help institutional clients manage and solve their financial challenges while also helping individual customers to pursue a lifetime of financial security through customized financial advice and a broad set of savings and investment options, including education savings, life insurance and banking services.
“We’ve made great progress building the capabilities we need to continue to serve the financial needs of our participants and clients for decades to come,” Ferguson said. “We are now well-positioned to fully leverage the breadth of our offerings and enhance our operational efficiency by combining our Retail and Institutional businesses. Lori is a financial services veteran with a strong track record, and her emphasis on innovation and creating customer-focused cultures will serve TIAA well as we integrate these two highly interdependent businesses together on behalf of our clients.”
Fouché is joining TIAA from Prudential Financial, where she was the Head of Individual Solutions and led financial advice, annuities, life insurance and other outcome-oriented solutions. During her five years at Prudential, she also served as CEO of Prudential Group Insurance and President of Prudential Annuities, which develops and distributes variable and fixed annuities. Prior to Prudential, Fouché served as President and CEO of Fireman’s Fund Insurance Company. She also spent several years in underwriting and product management, strategic marketing and other leadership roles at Chubb, where she launched new products for for-profit and not-for-profit customers.
“TIAA has a long history of putting its customers first, and I’m honored to join an organization with such an inspiring mission, strong values, and a legacy of dedicated service,” said Lori Fouché. “With this year being TIAA’s centennial, it is an exciting time in the evolution of the company as it focuses on the next hundred years of helping individuals and institutions achieve their financial goals. I look forward to working with such a high-caliber team as we embark on the next phase of TIAA’s future.”
Fouché’s appointment follows the retirement of Ron Pressman, CEO of Institutional Financial Services, and the decision by Kathie Andrade, CEO of Retail Financial Services, to pursue new opportunities. Both Pressman and Andrade have agreed to assist through a transition period.
“I want to thank both Kathie and Ron for their many contributions to TIAA and their strong commitment to our clients,” said Ferguson. “Under their leadership, we have strengthened our organization, expanded our range of services, enhanced our technology, and broadened our reach to help both institutions and individuals achieve their financial goals.”
TIAA (TIAA.org) is a unique financial partner. With an award-winning track record for consistent performance1, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has nearly $1 trillion in assets under management (as of 3/31/20182) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.