Russell Investments officials plan to search internally and externally for a replacement for Craig Ueland, who resigned Monday as president and CEO of the firm, said spokeswoman Jennifer Tice. Mr. Ueland was replaced on an interim basis by John Schlifske, executive vice president at Russell parent company Northwestern Mutual Life Insurance and a member of Russells board of directors since 1999.
Mr. Ueland is no longer with the company. During his tenure as CEO of Tacoma, Wash.-based Russell, assets at the firm grew to $213 billion from $67 billion in 2002, confirmed Ms. Tice.
It has been a great honor for me personally to work for and help lead this wonderful company over the past 25 years, said Mr. Ueland in a release. I joined Russell when it employed only 260 associates and had offices in two countries. Russell now has more than 2,000 associates, clients in more than 40 countries around the world, and a future that is every bit as bright as its past, he said.
Neither Mr. Ueland nor Mr. Schlifske was available for further comment.