Nationwide Financial Services (NYSE: NFS) has found its new chief executive. Dimon McFerson,

New Nationwide CEO Jurgenson

who had served as chairman and chief executive officer of the company since 1992, announced his retirement two weeks ago. Taking McFerson's place will be W. G. "Jerry" Jurgensen, 48.

McFerson, 63, said that he is resigning to devote greater time to his life's commitments. According to the company, there will be a "brief" transition before Jurgenson takes the reigns as CEO. McFerson will remain chairman of the board until the end of the year.

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Jurgensen was formerly executive vice president of corporate banking at Bank One Corporation, the nation's fifth-largest bank holding company. Prior to that he spent eight years as executive vice president with First Chicago, where he served as chief financial officer, led a variety of business units, and was chairman of FCC National Bank, the company's credit card subsidiary. Prior to First Chicago, Jurgensen spent 17 years at Norwest Corporation, where he served in a variety of positions including executive vice president for corporate banking.

"The entire financial services industry is consolidating," said McFerson. "The lines between traditional financial products and institutions are blurring. We have positioned Nationwide to compete in this ever-changing global arena, where Jerry's experience will be invaluable."

Jurgensen said his first priority would be getting to know Nationwide's people. "I believe people are the heart of any organization and I am excited about the prospect of working with the employees, agents and producers of Nationwide," he said.

During McFerson's tenure Nationwide was one of a number of companies to become a shareholder-owned company in 1997.

Nationwide has been using the kitty it built from its offering to aggressively grow its asset management and retirement business. Most recently it purchased Gartmore Investment Management from the Royal Bank of Scotland in March. It has also built a proprietary investment management group, Villanova Capital, run by ex-Fidelity executive Paul Hondros. The largest portion of Villanova's assets are stable value funds managed by Lake Oswego, Oregon-based Morley Capital. 

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