The Northwestern Mutual board has picked Tim Gerend to succeed John Schlifske as the company's next chairman and chief executive officer.
Schlifske, 64, is about to reach the Milwaukee-based company's mandatory retirement age. He plans to give up the CEO post Dec. 31 and step down from his position as chairman of the board in January 2025.
Gerend, 52, the company's executive vice president and chief distribution officer, is on track to become president, take up the CEO title Jan. 1, 2025, and become chairman later in January 2025.
The company: Northwestern Mutual is a policyholder-owned mutual insurer that was founded in 1857.
It has about $570 billion in assets under management and advisement, $2.2 trillion in life insurance benefits in force and 8,000 advisors.
Schlifske: Schlifske, who took over from Edward Zore as the company's CEO in 2010 led the company through recovery from the Great Recession and the COVID-19 pandemic.
