Lori Fouche was named senior executive vice president and CEO of retail and institutional financial services at TIAA-CREF, effective Aug. 7, the financial services provider announced Wednesday.
The job is new and represents combining separate business units — institutional financial services and retail financial services. She will report directly to Roger W. Ferguson Jr., president and CEO.
"We are aligning our business structure to meet the evolving needs of customers through an integrated team," Chad Peterson, a TIAA spokesman, wrote in an email. "We feel that by combining these two successful businesses now, we can operate more efficiently and effectively in order to serve our customers in new and better ways."
Ron Pressman, the CEO of institutional financial services, is retiring, a news release said. Kathie Andrade, CEO of retail financial services, is leaving to "pursue new opportunities," the release said. Mr. Peterson didn't comment on Ms. Andrade's plans.
Mr. Pressman and Ms. Andrade will assist during a transition period, the news release said.
Ms. Fouche will supervise TIAA's record-keeping business, institutional client business, institutional product management, retiree health-care savings business, endowments and foundations business, as well as TIAA Charitable, a donor-advised fund, Mr. Peterson wrote.
"Additionally, she will be in charge of the various business lines that serve our individual customers, including our individual advisory services, TIAA Bank, education savings and life insurance businesses," he wrote. "She will be responsible for the more than $600 billion in defined contribution plan assets as well as all the other institutional and retail businesses."
Ms. Fouche "will work closely" with Nuveen, the investment manager for TIAA-CREF, he added. The institutional/retail financial services and Nuveen businesses will continue to operate separately.
Ms. Fouche joins TIAA from Prudential Financial, where she has been head of the individual solutions group, which includes financial advice, annuities and life insurance.
Prudential announced on Wednesday that Caroline Feeney, currently president of individual life insurance, will serve as head of the individual solutions group, which contains the annuities and individual life insurance businesses, a Prudential news release said.