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Tuesday, March 5, 2024

Longtime Northwestern Mutual CEO to retire

Longtime Northwestern Mutual CEO to retire | Insurance coverage Enterprise America

Government to step down after 37 years with the corporate, together with 14 as CEO

Longtime Northwestern Mutual CEO to retire

Life & Well being

Ryan Smith

Northwestern Mutual’s chief government is retiring after 37 years with the corporate, together with 14 as CEO, the insurer has introduced.

CEO John E. Schlifske (pictured above left) has introduced plans to retire as of Dec. 31,2024, in accordance with Northwestern Mutual’s necessary retirement age coverage.

Tim Gerend (pictured above proper) has been elected by Northwestern Mutual’s board of trustees to function the subsequent CEO. Gerend, presently government vp and chief distribution officer at Northwestern Mutual, will assume the CEO position Jan. 1. He will even assume the place of president. Schlifske will stay chairman of the board of trustees by means of January 2025, at which period Gerend will even assume that position, the corporate stated in a information launch.

Schlifske’s tenure as CEO

Throughout Schlifske’s tenure as CEO, Northwestern Mutual’s distribution system grew from round 6,000 to just about 8,000 advisors. At the moment, the corporate has greater than 5 million purchasers throughout all product traces. Northwestern Mutual reported report income of practically $35 billion in 2022 – a rise of practically 50% from $23 billion in 2010, when Schlifske assumed the position. The corporate additionally declared a record-high dividend of $7.3 billion for 2024.

The corporate has additionally maintained its number-one rating in particular person life insurance coverage gross sales, with life insurance coverage protection for its policyholders totaling $2.2 trillion. Northwestern Mutual’s wealth enterprise additionally noticed vital development throughout Schlifske’s tenure, rising from $53 billion in complete consumer belongings in 2010 to $257 billion final 12 months.

“It’s been a pleasure to serve Northwestern Mutual for practically 4 a long time,” Schlifske stated. “I’ve a deep sense of delight and gratitude for Northwestern Mutual, our devoted workers and subject power of advisors, and a noble mission that performs such a essential position in our purchasers’ monetary wellbeing. And with our strategic imaginative and prescient, dedication to mutual values, main monetary energy, and distinctive tradition, I’ve by no means had extra confidence in the way forward for this firm.”

Gerend to develop into new chief government

Gerend joined Northwestern Mutual as an legal professional in 2002. Since then, he has held quite a lot of management roles. He grew to become government vp and chief distribution officer in 2018, and is presently chargeable for profession distribution, advertising and strategic communications.

“Tim brings a number of experiences from a number of areas of the corporate, and has performed a big position within the development and evolution of our unique distribution – a key pillar of our firm – which has grown to eight,000 monetary advisors right now,” Schlifske stated. “As a strategic, principled, and mission-driven chief, Tim has the imaginative and prescient and expertise to steer the corporate as we serve generations to return.”

“I’m humbled and honored to simply accept the position of CEO,” Gerend stated. “I’ve had a front-row seat to the efforts which have pushed Northwestern Mutual to develop into an built-in monetary safety firm offering insurance coverage and wealth-management choices to our purchasers. John’s management and steerage through the years has been invaluable to me and different firm leaders. I’m assured that with our proficient workers and monetary advisors, we are going to proceed the momentum that John has created throughout his tenure.”

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