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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 vice chairman and chief distribution officer at Northwestern Mutual, will assume the CEO function Jan. 1. He can even assume the place of president. Schlifske will stay chairman of the board of trustees by way of January 2025, at which period Gerend can even 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 the moment, the corporate has greater than 5 million purchasers throughout all product traces. Northwestern Mutual reported report income of almost $35 billion in 2022 – a rise of almost 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 important development throughout Schlifske’s tenure, rising from $53 billion in whole shopper belongings in 2010 to $257 billion final yr.

“It’s been a pleasure to serve Northwestern Mutual for almost 4 many years,” Schlifske mentioned. “I’ve a deep sense of pleasure and gratitude for Northwestern Mutual, our devoted workers and subject power 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 energy, 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 lawyer in 2002. Since then, he has held quite a lot of management roles. He grew to become govt vice chairman and chief distribution officer in 2018, and is presently liable 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 development and evolution of our unique distribution – a key pillar of our firm – which has grown to eight,000 monetary advisors at the moment,” Schlifske mentioned. “As a strategic, principled, and mission-driven chief, Tim has the imaginative and prescient and expertise to steer 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 steerage through the years has been invaluable to me and different firm leaders. I’m assured that with our gifted workers and monetary advisors, we are going to proceed the momentum that John has created throughout his tenure.”

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