The TIAA Board of Trustees today announced it has extended the employment agreement of Herbert M. Allison Jr., Chairman, President and Chief Executive Officer, through December 31, 2008. Mr. Allison's previous contract was set to expire in November 2007.
Dr. Ronald L. Thompson, Chair of the Board's Human Resources Committee, said: "Under Herb Allison's leadership, TIAA-CREF is undergoing a critical transformation to strengthen our ability to meet the needs of the 3.2 million people and over 15,000 institutions we serve. We are delighted that Herb has agreed to continue leading TIAA-CREF, and are confident that, with his leadership, the organization will have the continuity needed to finish the many elements of our transformation on track to be completed between now and the end of next year."
Dr. Thompson added: "While Mr. Allison's employment agreement extends through the end of 2008, it contemplates the possibility that succession could occur sooner. The contract extension allows greater flexibility in the succession process, thus assuring the Board's search will be conducted in a thoughtful and careful manner that is not subject to an arbitrary deadline."
"Over the past four years, we have substantially broadened and strengthened our capabilities in response to clients' expressed needs," said Mr. Allison. "It is a privilege to continue working with everyone at TIAA-CREF to introduce and provide our new offering to the institutions and individuals we serve, and to enhance our strategic opportunities. I also look forward to continuing to develop the many capable executives and professionals in our organization who will lead TIAA-CREF into the future and to helping facilitate the well-planned approach to succession being managed by the Board."
Dr. Stanley O. Ikenberry, President, TIAA and CREF Boards of Overseers, said: "Together with the Trustees and Overseers, Herb Allison has sharpened our organization's focus on clients consistent with TIAA-CREF's historic mission of service to people who work in the academic, research, medical and cultural fields. This contract extension will help to assure TIAA-CREF's ongoing evolution for the benefit of our clients."
Mr. Allison, 63, has been chairman, president, and chief executive officer of TIAA-CREF since November 2002. He serves on the Advisory Board of the Yale School of Management and the Advisory Council of the Stanford Graduate School of Business. Mr. Allison also is Chair of The Business-Higher Education Forum, a trustee of The Conference Board, and a member of both the Business Roundtable and the Financial Services Roundtable.
A copy of Mr. Allison's Employment Agreement is available at www.tiaa-cref.org/about/governance.
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TIAA-CREF is a national financial services organization with more than $406 billion in combined assets under management (12/31/06) and is the leading provider of retirement services in the academic, research, medical and cultural fields. Learn more About TIAA-CREF.
Chad Peterson
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