he Board of Trustees of TIAA-CREF
today named Herbert M. Allison, Jr
. (fifty-nine) chairman, president, and chief executive officer. He will officially succeed John H. Biggs
, who is retiring from the company after 13 years of service, on November 1.
Allison is currently president and chief executive of AllLearn.org
, a non-profit venture of Oxford
universities. Formerly, he was President of Merrill Lynch & Co
., where he retired as president and chief operating officer in July of 1999.
"Herb Allison is the ideal choice for chairman, president, and CEO of TIAA-CREF," Biggs said in a press release. "We could not be happier to have someone of his caliber. He has an excellent grasp of the issues facing TIAA-CREF as the result of his unusual breadth of experience in financial services and higher education."
TIAA-CREF has some 80 years experience serving the educational-research market segment, which represents the bulk of its assets, said a spokesman for the company.
Allison also chairs the new federal agency, the Vietnam Education Foundation
. Allison was a board member of the National Association of Securities Dealers
. In 1999 and 2000, he served as national finance chairman for the presidential primary campaign of Senator John McCain
"The opportunity to lead TIAA-CREF in serving its participants is an exciting and inspiring challenge," Allison said in a release. "The company is well positioned for impressive growth in serving the educational community and, increasingly, the general public."
TIAA-CREF reports $259 billion in assets under management and approximately 2.5 million participants via more than 15,000 institutions.
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