TIAA names Thasunda Brown Duckett as CEO — first woman to helm financial giant

Monetary providers large TIAA has named Thasunda Brown Duckett to succeed Roger W. Ferguson Jr. as CEO. That may make her the primary girl to helm the corporate and solely the second ever Black feminine chief government within the Fortune 500. 

The historic announcement additionally marks the primary time in Fortune 500 historical past {that a} Black CEO is succeeded on the prime by one other Black government. Duckett will be part of TIAA on Could 1 from JPMorgan Chase, the place she was CEO of Chase Client Banking. 

Duckett, 47, started her profession at Fannie Mae, main reasonably priced housing initiatives for individuals of colour. She holds a B.A. in finance and advertising from the College of Houston and an MBA from the Hankamer College of Enterprise at Baylor College.

In her most up-to-date function at Chase, Duckett led a banking community with greater than $600 billion in deposits, 4,900 branches and over 40,000 workers. She undertook Chase’s first main department enlargement in 10 years so as to add 400 new branches in 20 new markets over 5 years. The technique mirrored her dedication to constructing native communities by offering extra jobs, neighborhood sources and entry to monetary providers.

Out of 1,800 chief executives within the historical past of the Fortune 500, solely 19 have been Black — a putting statistic provided that Black individuals make up 13.4% of the U.S. inhabitants. Roz Brewer, lately tapped to guide Walgreens, is the one different Black girl to move up a Fortune 500 firm.

The dearth of Black management at America’s largest firms, which has remained stubbornly low all through the 65 years for the reason that Fortune 500 listing was first printed in 1955, brings historic relevance to the selection of Duckett to observe Ferguson on the helm of TIAA.  

“Thasunda is the fitting particular person to guide TIAA at a time when its work has by no means been extra essential and when the challenges of fostering monetary stability and inclusion have by no means been larger,” stated Ferguson, who will stay as CEO till Duckett assumes her new function. 

Ferguson will proceed to serve New York-based TIAA as an advisor.

“I usually take into consideration the day my father requested me to assist him plan his retirement, and I needed to inform him, ‘Dad, your pension will not be sufficient,'” Duckett stated in a press release. “Now, due to his work and sacrifices and the help of many others who’ve guided me all through my life and profession, I’m blessed to hitch TIAA, which has paid out over $500 billion of lifetime earnings and different advantages since its founding in 1918.”

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