TIAA-CREF elected an educator to succeed former Fannie Mae president and chief executive Franklin D. Raines on the TIAA and CREF boards of overseers.
Mr. Raines left the board in January, after having retired under fire from Fannie Mae last December.
The new member is Michael S. McPherson, a former president of Macalester College in St. Paul who is now the president of the Spencer Foundation, which supports research about education. The fund company announced his election Thursday.
The seven members of the boards of overseers serve seven-year terms. They elect the members of the TIAA board of trustees, which supervises TIAA's management. (The CREF board of trustees, which is elected directly by CREF shareholders, supervises CREF's management.)
TIAA-CREF, which is based in New York, managed $360 billion of assets on Sept. 30.
