TIAA-CREF [profile] has tapped former GE Asset Management CEO Ronald Pressman as its chief operating officer. The post is newly created. Pressman will start at TIAA-CREF on January 30 and report to CEO Roger Ferguson.
Bloomberg and
Reuters are among the media outlets that picked up on the news.
Pressman spent 32 years at General Electric, where he held leadership posts in the asset management space and other sectors. Most recently, he was
president and CEO of GE Capital Real Estate.
His earlier roles included serving as president and CEO of GE Asset Management, CEO of GE Energy Europe, Africa, Middle East and Southwest Asia and general manager for GE International's Central and Eastern European markets.
TIAA-CREF Names Ron Pressman Chief Operating Officer
GE veteran to drive strategy, enhance operations
TIAA-CREF, a leading financial services provider, today announced the appointment of Ronald Pressman as executive vice president and chief operating officer. Pressman, a 32-year veteran of General Electric, will report to TIAA-CREF Chief Executive Officer Roger Ferguson and start on January 30, 2012.
In this newly created role, Pressman will drive the company's strategic vision and operational excellence in order to enhance growth, execute business plans and deliver high-quality products and services to clients. He will partner closely with the executive management team to further improve performance, strengthen integration, help maintain financial stability and lead new business initiatives to build upon the company's well-established leadership position in the not-for-profit sector.
"Ron's experience building and leading businesses will accelerate our efforts to capitalize on the sizeable market opportunities in front of us," said Chief Executive Officer Roger Ferguson. "He brings additional strength to the leadership bench to ensure we provide the best service to our clients, while helping drive growth and efficiencies."
Ferguson added, "Our customers rely on us to help meet their complex and evolving financial needs across all life stages. This challenges us to innovate, provide new services and invest wisely. Ron’s vision, industry knowledge and customer focus will be tremendous assets as we continue to help build the financial well-being of the 3.7 million customers at the 15,000 institutions we serve."
During his tenure at GE, Pressman amassed broad and deep leadership experience in the financial services, real estate, asset management and insurance industries. He most recently served as president and CEO of GE Capital Real Estate and as director of the GE Capital Services and GE Capital Corporation boards. Previously, he served as president and CEO of GE Asset Management and chairman, president and CEO of GE Employers Reinsurance Group. Pressman also held global leadership positions including serving as the CEO of GE Energy Europe, Africa, Middle East and Southwest Asia and the general manager for GE International’s Central and Eastern European markets.
"As the son of two educators who entrusted TIAA-CREF with their retirement savings, I have personally witnessed this company’s investment strength, dedicated service and mission to help those who serve others achieve financial well-being," said Ron Pressman. "TIAA-CREF has a strong track record of success and a great future ahead. There is no place I'd rather be given my prior experiences than right here helping to lead this company as we embark on the next phase of our future."
Pressman is a charter trustee of Hamilton College and holds leadership positions in various philanthropic organizations, serving as the chairman of the National Board of A Better Chance and a director of Pathways to College. During his time abroad, he also chaired the U.K.-based youth mentoring program, Roots and Wings.
Pressman currently serves as a director of Aspen Insurance Holdings Limited. He is a graduate of Hamilton College and will be based in TIAA-CREF's New York City office.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $464 billion in assets under management (as of 12/31/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY.
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