TIAA-CREF Announces New Executive Appointments for Asset Management

Chief Investment Officer Ed Grzybowski to Retire in March 2012

New York, November 21, 2011

TIAA-CREF today announced three new executive appointments in its asset management division. These changes were designed to further enhance the firm’s business and investment team as it continues to serve the investment needs of its individual and institutional clients.

In addition, TIAA-CREF announced that Ed Grzybowski, chief investment officer (CIO), will be retiring. A search for his successor is now under way. Mr. Grzybowski will remain in his current role until March 2012.

Carol Deckbar was named chief operating officer of TIAA-CREF Asset Management, a newly created position. In this role, Ms. Deckbar will be responsible for the business activities of TIAA-CREF Asset Management including product management, business development, operations, technology, finance and marketing. Ms. Deckbar has been senior vice president of Investment Products at the firm for the past five years, responsible for a team of 40 professionals who develop and manage a wide range of investment products in equities, fixed income, real estate and alternatives. Ms. Deckbar will continue to report to Scott Evans, executive vice president of TIAA-CREF and president of Asset Management.

On the investment team, David Brown was named portfolio manager of the TIAA General Account, a new position. In this role, Mr. Brown will have responsibility for asset allocation within the $207 billion (9/30/11) General Account, as well as determining the risk-adjusted targets for assets in the General Account. Mr. Brown was previously senior managing director and head of Global Public Markets, responsible for overseeing all of the organization’s public fixed-income investments.

Lisa Black, currently serving as managing director, Global Public Markets and head of public fixed-income portfolio management, will succeed Mr. Brown as senior managing director and head of Global Public Markets. In their new roles, Mr. Brown and Ms. Black will both report to the CIO.

“Carol, Dave and Lisa have all made extremely strong contributions to the TIAA-CREF Asset Management team and are widely recognized by both their peers and the executive management team for their deep industry knowledge, superior managerial abilities and high standards for performance,” said Mr. Evans. “I’m confident that their leadership will enable us to continue to serve the long term investment needs of our clients.

“We wish Ed all the best in this next stage of his life and thank him for his many contributions to the organization, most importantly, helping our participants build safe and secure retirements. Ed leaves us surrounded by a deep, experienced team of investment managers which he was pivotal in building. The team continues to focus on fundamental research and our participants’ investment needs, ensuring a smooth transition as we move forward,” concluded Mr. Evans.

Carol Deckbar has 19 years of industry experience. Prior to joining TIAA-CREF in January 2007, Ms. Deckbar held various senior management positions in the asset management businesses of Bank of America and Wachovia.

David Brown has 24 years of industry experience. Mr. Brown joined TIAA-CREF in 2005. Prior to serving as the head of Global Public Markets, he served as Head of Global Private Markets where he was responsible for all of the organization’s private fixed income, private equity and alternative investments.

Lisa Black has 24 years of industry experience. Ms. Black joined TIAA-CREF in 1987 as a corporate credit analyst. She moved on to assume other roles at the firm including head of public fixed income trading, and manager of the public market mortgage and asset-backed group.

Ed Grzybowski joined TIAA-CREF in 1987 and was named CIO in 2006. Prior to serving as CIO, Mr. Grzybowski was a group managing director overseeing fixed-income and short-term portfolios, bond lending, and the foreign currency and derivative trading units.

About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $440 billion in combined assets under management (as of 9/30/11) and is the leading provider of retirement services in the academic, research, medical and cultural fields.

Media Contact:
Abby Aylman Cohen
TIAA-CREF
212 916-4381
aacohen@tiaa-cref.org

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