Brad Hewitt Named President and CEO of Thrivent Financial.
Organization also announces new corporate governance structure
MINNEAPOLIS -- Thrivent Financial for Lutherans Thrivent Financial for Lutherans (first word pronounced "THRIVE-int" — or more precisely, alluding to contractions, "thrive—n't"; IPA pronunciation: /ˈθɹaɪvɘnt/ announced today that its board of directors has named Brad Hewitt as the organization's new president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Hewitt currently serves as Thrivent Financial's chief operating officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and will succeed retiring chairman, president, and CEO, Bruce Nicholson, effective February 1, 2010. Hewitt will also join the Thrivent Financial Board of Directors.
In addition, the organization also announced a new corporate governance structure, naming Kurt M. Senske, current vice chair, lead director, and chair of the Governance Committee of the board as chair of the board.
Hewitt brings more than 27 years of experience to Thrivent Financial. He joined the organization in 2003 as senior vice president of Fraternal Operations and has also served as president of the Thrivent Financial for Lutherans Foundation. In November 2008, he was promoted to chief operating officer. Hewitt began his career in 1982 with Minnesota Mutual Life and joined United HealthCare Corp. in 1986 as director of underwriting. From 1993-1998, he served as CFO and then as president and CEO of Diversified Pharmaceutical Services. From 1998-2003, Hewitt was the chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive of The Lutheran Church-Missouri Synod in St. Louis, Mo.
The new governance structure will allow Hewitt to focus on running the organization while Senske leads the board. The change follows governance best practices, according to Senske.
"I am excited to work with such an outstanding leader such as Brad," said Senske. "The board went through an extensive selection process to ensure we chose the right person to lead the organization to even greater success. We are confident we have made the right choice and we look forward to Brad's leadership of this great organization."
According to Senske, Hewitt was selected because of his unique background and character that fit the criteria the board was seeking in the new CEO. His business and church leadership, combined with his integrity and his performance as Thrivent Financial's chief operating officer made him the unanimous choice by the board.
"I am honored and humbled to have the opportunity to lead Thrivent Financial for Lutherans," said Hewitt. "Our members can look forward to a seamless transition as well as the beginning of an exciting new chapter for the organization. Our commitment to our members and the causes and communities which are important to them will continue to grow over the coming years as we assist them in being good stewards of their resources."
"Brad has proved to be an exceptional leader at Thrivent, particularly over the last year as our COO," said outgoing Chairman, President and CEO Nicholson. "His strategic perspective and demonstrated ability to deliver results will serve the organization well. I believe our board made a great choice in choosing my successor."
"On behalf of the board, I also want to thank Bruce Nicholson for his 27 years of service to Thrivent Financial," added Senske. "The merger of Aid Association for Lutherans and Lutheran Brotherhood was planned and successfully implemented under Bruce's leadership, forming the largest fraternal benefit society in the world."
Senske has been a member of the Thrivent Financial for Lutherans Board of Directors and its predecessors since 1999. He is CEO of Lutheran Social Services of the South, Inc., a multi-faceted social service agency with an annual operating budget of more than $100 million. During his tenure at LSSS, he has been responsible for more than tripling the size of the agency and steering the once-troubled agency back to financial stability.
Hewitt currently serves as the chair of the board of regents of Concordia University, St. Paul, Minn., and is on the board of the Lutheran Community Foundation The Lutheran Community Foundation is a faith-based community foundation working nationally to help people give to their favorite charities and causes. Through the Lutheran Community Foundation, individuals, families, congregations and organizations create customized charitable . He is also a trustee of the Thrivent Financial for Lutherans Foundation. Hewitt has served on the board of Lutheran World Relief Lutheran World Relief (LWR) is an international nonprofit organization and a ministry of the Evangelical Lutheran Church in America and the Lutheran Church—Missouri Synod. It is headquartered in Baltimore, Maryland. and the policy/government relations group for Lutheran Services in America Lutheran Services in America (LSA) is a not-for-profit corporation that coordinates the work of nearly 300 independent Lutheran social ministry organizations affiliated with the Evangelical Lutheran Church in America or recognized by The Lutheran Church-Missouri Synod. , the largest U.S. faith-based service group.
"The future of Thrivent Financial is promising," added Nicholson. "The organization is one of the premier financial services firms in the country and the new leadership will take Thrivent Financial to an even higher level of strength and success."
About Thrivent Financial for Lutherans Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.6 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com.
Securities offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, 800-THRIVENT (800-847-4836), a registered broker-dealer and investment adviser, and a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Thrivent Financial for Lutherans. Member FINRA and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. .
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