Lori Dickerson Fouche is stepping down as CEO of TIAA Financial Solutions, TIAA-CREF announced Friday.
She is leaving the company to "pursue other opportunities," a TIAA spokesman said, though could not immediately provide more information.
In her role, Ms. Fouche oversees TIAA's institutional retirement, wealth management, and TIAA bank, as well as the product and the chief customer office. Ms. Fouche will remain with the company through a "transition period," that will start June 8 and go through the third quarter, as needed, according to a spokesman.
"It has been an honor to work at TIAA, alongside so many colleagues who have done so much to serve the financial needs of our clients particularly during this time of economic volatility," Ms. Fouche said in a statement. "I am pleased with our accomplishments and know TIAA is well positioned to continue to serve our clients for years to come."
Roger W. Ferguson, Jr., TIAA's president and CEO, will assume Ms. Fouche's responsibilities effective June 8 and a replacement will not be sought, a spokesman said.
"It has been a tremendous privilege to work with Lori who helped lay the groundwork for a more simple and seamless customer experience by integrating the institutional and retail businesses," Mr. Ferguson said in a statement. "We appreciate Lori's contributions to the firm and wish her well in her future endeavors."
Those managing the TFS business that Ms. Fouche's oversees will report directly to Mr. Ferguson. "Given the critical importance of TFS, we intend to maintain this reporting structure, because it will help us operate in a more streamlined and nimble way," the spokesman said in a statement. "Mr. Ferguson remains firmly committed to continue in his current role at TIAA, focused on our mission of creating lifelong financial security and confidence for our clients. These changes will have no impact on our client teams or the day-to-day service and support we provide to them."
Ms. Fouche joined TIAA in 2018 from Prudential Financial, where she has been head of the individual solutions group, which includes financial advice, annuities and life insurance.
