TIAA has named Thasunda Brown Duckett to succeed Roger W. Ferguson, Jr., as president and CEO, the company announced in a news release.
Duckett will join TIAA on May 1, 2021, from JPMorgan Chase, where she was CEO of Chase Consumer Banking. Ferguson, who had previously announced his intention to retire on March 31, will remain as CEO until she assumes her new role.
"Thasunda is widely recognized as an exceptionally dynamic and inspirational leader," said Ronald L. Thompson, chairman of the TIAA board of trustees, in the news release. "She brings invaluable experience leading and growing large, complex businesses, setting and executing strategy, improving client experience and attracting and developing talent. Equally important, she is deeply mission-oriented, with values that reflect those of TIAA, including a passion for financial inclusion and empowerment."
In her most recent role at Chase, Duckett led a banking network with more than $600 billion in deposits, 4,900 branches and over 40,000 employees. She undertook Chase's first major branch expansion in 10 years to add 400 new branches in 20 new markets over five years, improving the lives of individual customers and local communities by providing more jobs, neighborhood resources and access to financial services.
Duckett also has critical experience integrating and enhancing distribution of financial services, including driving the adoption of digital engagement at Chase to create different ways for people to engage with their money. She drove Chase's development of new tools, products and thought leadership to build financial health and wealth for consumers.
Duckett said in the news release that hardworking Americans investing in their retirement had contributed to the success of TIAA, which has paid out over $500 billion in lifetime income and other benefits since its founding in 1918.
“I am extraordinarily grateful for the opportunity to lead a company that has helped millions of people retire with 'enough' to live in dignity and excited about the opportunity to help TIAA chart its next 100 years," she said in the news release.
Duckett began her career at Fannie Mae, leading affordable housing initiatives for people of color. She holds a B.A. degree in finance and marketing from the University of Houston and an M.B.A. from the Hankamer School of Business at Baylor University.
Headquartered in New York City, TIAA is a financial services provider to clients in the academic, research, medical, cultural and government fields. The firm reported having $1.3 trillion in assets under management as of December 31, 2020.