Longtime Northwestern Mutual CEO to retire

Northwestern Mutual’s chief govt is retiring after 37 years with the corporate, together with 14 as CEO, the insurer has introduced.

CEO John E. Schlifske (pictured above left) has introduced plans to retire as of Dec. 31,2024, in accordance with Northwestern Mutual’s obligatory retirement age coverage.

Tim Gerend (pictured above proper) has been elected by Northwestern Mutual’s board of trustees to function the subsequent CEO. Gerend, presently govt vp and chief distribution officer at Northwestern Mutual, will assume the CEO function Jan. 1. He may also assume the place of president. Schlifske will stay chairman of the board of trustees by means of January 2025, at which period Gerend may also assume that function, the corporate mentioned in a information launch.

Schlifske’s tenure as CEO

Throughout Schlifske’s tenure as CEO, Northwestern Mutual’s distribution system grew from round 6,000 to almost 8,000 advisors. At present, the corporate has greater than 5 million purchasers throughout all product strains. Northwestern Mutual reported file income of practically $35 billion in 2022 – a rise of practically 50% from $23 billion in 2010, when Schlifske assumed the function. The corporate additionally declared a record-high dividend of $7.3 billion for 2024.

The corporate has additionally maintained its number-one rating in particular person life insurance coverage gross sales, with life insurance coverage protection for its policyholders totaling $2.2 trillion. Northwestern Mutual’s wealth enterprise additionally noticed vital progress throughout Schlifske’s tenure, rising from $53 billion in complete consumer property in 2010 to $257 billion final 12 months.

“It’s been a pleasure to serve Northwestern Mutual for practically 4 many years,” Schlifske mentioned. “I’ve a deep sense of pleasure and gratitude for Northwestern Mutual, our devoted workers and discipline pressure of advisors, and a noble mission that performs such a crucial function in our purchasers’ monetary wellbeing. And with our strategic imaginative and prescient, dedication to mutual values, main monetary power, and distinctive tradition, I’ve by no means had extra confidence in the way forward for this firm.”

Gerend to turn out to be new chief govt

Gerend joined Northwestern Mutual as an legal professional in 2002. Since then, he has held a wide range of management roles. He turned govt vp and chief distribution officer in 2018, and is presently chargeable for profession distribution, advertising and strategic communications.

“Tim brings a number of experiences from a number of areas of the corporate, and has performed a big function within the progress and evolution of our unique distribution – a key pillar of our firm – which has grown to eight,000 monetary advisors right this moment,” Schlifske mentioned. “As a strategic, principled, and mission-driven chief, Tim has the imaginative and prescient and expertise to guide the corporate as we serve generations to return.”

“I’m humbled and honored to just accept the function of CEO,” Gerend mentioned. “I’ve had a front-row seat to the efforts which have pushed Northwestern Mutual to turn out to be an built-in monetary safety firm offering insurance coverage and wealth-management choices to our purchasers. John’s management and steering over time has been invaluable to me and different firm leaders. I’m assured that with our proficient workers and monetary advisors, we are going to proceed the momentum that John has created throughout his tenure.”

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