Printer Friendly

TIAA-CREF ANNOUNCES TOP MANAGEMENT CHANGES

 NEW YORK, Jan. 7 /PRNewswire/ -- The boards of trustees of TIAA and CREF


today announced the appointment of John H. Biggs as chairman and CEO of the $112 billion pension and insurance organization. Biggs, 56, will succeed Dr. Clifton R. Wharton, Jr., who recently was nominated as U.S. Deputy Secretary of State in the Clinton Administration.
 Biggs has been president and chief operating officer of TIAA-CREF since Feb. 1, 1989, and previously had served as a CREF trustee since 1983. His appointment as TIAA-CREF chairman and CEO becomes effective upon Dr. Wharton's Senate confirmation as the new U.S. deputy secretary of state.
 Also at today's joint meeting of the TIAA and CREF boards, Thomas W. Jones, 43, was named to succeed Biggs as president and chief operating officer. He has been TIAA-CREF executive vice president for finance and planning since October 1989.
 "Strong Leadership for a Strong Company"
 Dr. Wharton said he is "delightful at these appointments, which ensure the continued forward momentum of TIAA-CREF as higher education's pre-eminent pension plan provider."
 In announcing these top management changes, the TIAA and CREF boards hailed them as "strong leadership for a strong company." TIAA-CREF, the largest private pension fund in the world, provides a nationwide portable retirement system for the nonprofit educational community.
 TIAA, the nation's third largest insurance company, holds the highest possible Triple-A ratings from Moody's Investors Service, Standard & Poor's, and A.M. Best, the leading independent insurance companies currently holding the highest ratings from all three agencies.
 Today there are 1.6 million individuals participating in the TIAA- CREF retirement system, from 5,000 colleges, universities, independent schools and related nonprofit educational organizations.
 John H. Biggs, New TIAA-CREF Chairman and CEO
 Mr. Biggs has an extensive background in insurance, investments, finance, and university administration. Prior to joining TIAA-CREF in 1989, he was chairman, president and CEO of Centerre Trust Company of St. Louis, one of the largest investment institutions in the Midwest and among the top 25 in the nation. He was affiliated with Centerre Trust for four years.
 From 1977 to 1985, Biggs was vice chancellor for finance and administration at Washington University in St. Louis, where he was responsible for several financial innovations in tuition payment plans and early retirement incentive arrangements. Prior to his service there, Biggs worked for 18 years in various actuarial management positions at General American Life Insurance Company in St. Louis, where he was appointed vice president and controller in 1970.
 Biggs has authored numerous publications on variable annuities, Social Security, the taxation of pensions, and demographic impacts on pension plans.
 He is currently chairperson or a member of the investment committee of several not-for-profit institutions, including the National Bureau of Economic Research Endowment, the Washington University Endowment, and the American Institute of Archaeology.
 A native of St. Louis, Biggs earned an A.B. degree in classics from Harvard University, and a Ph.D., in economics from Washington University. He is a fellow of the Society of Actuaries and the American Economic Association. He is also a member of the President's Circle of the National Academy of Sciences, and of the American Academy of Arts and Sciences.
 In addition, Biggs is a trustee of Washington University and The Danforth Foundation, and serves as a director of the National Bureau of Economic Research, McDonnell Douglas Corporation, Ralston Purina Company, and the Life Insurance Council of New York.
 Thomas W. Jones, New TIAA-CREF President And COO
 Mr. Jones has nearly 22 years of experience in the financial services industry and has been executive vice president and chief financial officer of TIAA-CREF since 1989. In this capacity, he has been responsible for financial reporting, accounting, corporate actuarial, treasury, strategic planning, budgeting, and internal auditing, as well as ratings agency relationships.
 Prior to joining TIAA-CREF, Mr. Jones was with John Hancock Mutual Life Insurance Company for seven years. In his last position with John Hancock, Mr. Jones was senior vice president and treasurer and head of the treasury and corporate financial analysis department where he was responsible for rating agency relationships, capital allocation recommendations, corporate finance functions, and strategic business unit performance analysis. The strategic business units included retail life insurance, individual annuities, group pension products and guaranteed investment contracts, group life and health insurance, mutual funds, brokerage and investment banking, consumer banking, venture capital, and property and casualty insurance.
 Before joining John Hancock, Jones spent eleven years in public accounting and management consulting, primarily with Arthur Young & Co., in Boston, where he served clients in insurance, banking, real estate, and other industries.
 Mr. Jones earned his B.A. and M.A. degrees from Cornell University, and holds an M.B.A. degree from Boston University. He is a certified public accountant.
 Jones is a director of Eastern Enterprises and of Thomas & Bette Corporation, both listed on the New York Stock Exchange. He is also a director of the New England Educational Loan Marketing Association (Nellie Mae). Jones is a member of the board of overseers of Cornell University Medical College and a trustee of The Brookings Institution.
 -0- 1/7/93
 /CONTACT: Claire M. Sheahan second vice president and public information officer of TIAA-CREF, 212-916-4666/


CO: TIAA-CREF ST: New York IN: INS SU: PER

SM-KW -- NY095 -- 2837 01/07/93 17:27 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 7, 1993
Words:881
Previous Article:FONIC PRESIDENT TO SELL 330,000 OF HIS PERSONAL SHARES IN THE COMPANY
Next Article:SHEFFIELD INDUSTRIES STOCK DELISTED FROM NASDAQ-NMS


Related Articles
COLLEGE RETIREMENT EQUITIES FUND HOLDS ANNUAL MEETING
COLLEGE RETIREMENT EQUITIES FUND HOLDS ANNUAL MEETING
PROMINENT BANK EXECUTIVE TO LEAD NEW TIAA-CREF CORPORATE ASSESSMENT PROGRAM
COLLEGE RETIREMENT EQUITIES FUND HOLDS ANNUAL MEETING
TIAA-CREF ANNOUNCES CHANGES IN SENIOR MANAGEMENT
TIAA-CREF Expands Rollover IRA
TIAA-CREF Names Scott C. Evans to Head CREF Investments
TIAA-CREF Names Susan S. Kozik Executive Vice President and Chief Technology Officer.
Teacher's union hires REsolve. (Technology Update).
Deadline Approaches to Receive Nominations for the TIAA-CREF Distinguished Medical Educator Award; - Winner to be Recognized in Spring Banquet,...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters