TIAA streamlines retail, institutional client units

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TIAA has created a new role that will oversee services for both individual and institutional clients.

As CEO of retail and institutional financial services, Lori Fouché will work to improve TIAA’s efficiency and streamline the customer experience, the company said Wednesday.

The role is being created by combining the responsibilities of Ron Pressman, CEO of institutional financial services, and Kathie Andrade, CEO of retail financial services.

Pressman is retiring while Andrade, who was included on American Banker’s list of Most Powerful Women in Finance last year, is leaving to pursue new opportunities, the company said.

“We are now well-positioned to fully leverage the breadth of our offerings and enhance our operational efficiency by combining our retail and institutional businesses,” Roger Ferguson Jr., president and CEO of TIAA, said in a press release. “Lori is a financial services veteran with a strong track record.”

Fouché previously worked at Chubb doing underwriting and launching products for for-profit and nonprofit customers. She also served as president and CEO of Fireman’s Fund Insurance. Most recently, she worked for Prudential Financial as head of individual solutions.

The change will be effective Aug. 7. Fouché will also serve as a member on TIAA’s executive committee.

TIAA expanded its banking and lending products by buying EverBank in Jacksonville, Fla., in June 2017. It recently rebranded the $33.9 billion-asset bank as TIAA Bank.

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