TIAA-CREF announced that as part of a "new client-focused organizational structure," Edward Van Dolsen will become chief operating officer, succeeding Maliz Beams, who will be leaving the firm, one of the largest private retirement systems in the United States.

Van Dolsen, who has been the company's executive vice president for product development and management since 2008, will oversee institutional and individual client services, sales and distribution and product functions, in order to make it more efficient and accelerate decision-making, the New York firm said.

"We're organizing around our customers, so that we can respond nimbly to their needs," an Dolsen said in a press release Monday.

"We will also continue to make capital investments and infrastructure improvements on behalf of clients, who are the driving force in all we do."

Beams oversaw $426 billion in retirement assets for the company during her six-year tenure, developing and launching TIAA-CREF's Wealth Management business and building the company's advice platform.

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