TIAA Chief Executive Officer Roger Ferguson, a contender to join President-elect Joe Biden’s cabinet, plans to retire from the investment giant.
Ferguson, 69, will lead the organization through March, the company said Tuesday in a statement.
“As we look ahead to a post-pandemic world, the next steps we take will be critical to our long-term mission,” Ferguson, one of the most prominent Black executives in finance, said in the statement. “I am absolutely convinced — and the board agrees — that now is the time to select the next CEO who can continue, enhance and drive our strategy for the next decade and beyond.”
Ferguson was vice chairman of the Federal Reserve’s Board of Governors from 1999 to 2006 and has been mentioned as a possible candidate to become Treasury secretary in the Biden administration, Bloomberg reported in September. The former vice president wants to make a historic choice for the job that has always been held by a White man.
Biden isn’t expected to announce high-ranking cabinet nominees until next week. Other contenders for Treasury include Federal Reserve Governor Lael Brainard and former Fed Chair Janet Yellen.
The Wall Street Journal reported on Ferguson’s planned departure earlier Tuesday.
He said he’s leaving after completing initiatives to grow TIAA and diversify its assets and revenue, according to an internal email seen by Bloomberg. The firm, which manages more than $1 trillion, has expanded from its roots in investing for teacher retirement, for instance acquiring mutual fund company Nuveen Investments in 2014.
—With assistance from Saleha Mohsin.
This article was provided by Bloomberg News.