TIAA Names Dave Dowrich as Chief Financial Officer

Teachers Insurance and Annuity Association of America named a new chief financial officer as the retirement services and investment firm reshuffles its leadership team.

Dave Dowrich

will take over as CFO effective Nov. 1, New York-based TIAA said Wednesday. Mr. Dowrich was previously finance chief for the international business of

Prudential Financial Inc.,

a Newark, N.J.-based financial services firm. Before that, he held senior-level roles at New York-based insurance firm

American International Group Inc.,

including CFO of its Japan and Asia Pacific division.

“His insights and skills are broad, deep and globally informed,”

Thasunda Brown Duckett,

TIAA’s chief executive officer, said in a press release. TIAA declined to make Mr. Dowrich available for an interview.

At TIAA, Mr. Dowrich will succeed

Glenn Richter,

who resigned effective May 17 to pursue other opportunities, according to a spokesman. Seun Salami, who is currently serving as acting CFO, will remain at TIAA in his other positions leading the finances for TIAA’s Nuveen investment management business and serving as the company’s head of business finance, the spokesman said. TIAA had $1.3 trillion in assets under management as of June 30.

Dave Dowrich, the new CFO of TIAA.



Photo:

Dowrich family

The CFO appointment comes as Ms. Duckett puts a new management team in place. Ms. Duckett, one of Wall Street’s most prominent Black executives, took the helm in May, succeeding former CEO

Roger Ferguson,

who led TIAA for 13 years and oversaw its expansion beyond managing retirement accounts and into providing customers with a broader offering of investment and banking services. Ms. Duckett was previously head of JPMorgan Chase & Co.’s consumer banking division.

TIAA on Wednesday also named

Derek Ferguson,

currently an executive at the New York-based antipoverty nonprofit Robin Hood Foundation, to the newly created role of chief administrative officer. Mr. Ferguson, who isn’t related to TIAA’s former CEO, will begin his new role on Oct. 4.

TIAA in July agreed to pay $97 million to settle allegations by U.S. and New York state investigators that it misled customers and pushed them to move their money into more expensive accounts. In connection with the settlement, TIAA agreed to make internal reforms, including how it compensates employees for selling certain products.

Write to Kristin Broughton at [email protected]

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