Northwestern Mutual, a leading financial services company, announced senior leadership changes as part of the company’s strategic succession planning process. The organizational moves further enable company growth, creates alignment, and continues the development of senior leaders during a planful CEO transition.
Earlier this year, Northwestern Mutual announced that Chairman and CEO John Schlifske will retire December 31, 2024, and President Tim Gerend will succeed Schlifske in serving as the company’s next CEO, effective January 1, 2025. As a continuation of the recent CEO succession announcement, the company shared additional key senior leadership promotions approved by its Board of Trustees, specifically naming successors for the chief investment officer and chief human resources officer roles both of whom will report to Gerend.
“Developing world-class leaders who understand our business and culture has been core to our company’s success for generations. And today’s executive promotions both continue that tradition and underscore the importance of developing a strong bench of talent,” said Schlifske. “Tim has established a strong team as he assumes the role of CEO. The company’s leadership – and the talent they’ve cultivated – is well-positioned to continue providing financial security for clients through a comprehensive planning approach–combining insurance, investments and annuities—guided by a trusted advisor.”
Jeb Bentley named chief investment officer; CIO Jeff Lueken to retire December 31
Jeb Bentley, currently vice president, wealth and investment management, will succeed Jeff Lueken as executive vice president, chief investment officer effective January 1, 2025. In the near-term, Bentley will be named vice president and co-chief investment officer and will join the company’s senior leadership team when he assumes full responsibility following Lueken’s retirement at the end of the year. In this role, he will be responsible for leading the teams managing the company’s more than $316 billion1 general account investment portfolio.
Bentley joined Northwestern Mutual in 2004 and held several leadership and investment roles for Northwestern Mutual’s general account investment portfolio across investment strategy, public and private markets. Since 2022, he has held a key leadership role in the company’s wealth management business, which today has over $320 billion in client assets. He also serves as president and CEO of Northwestern Mutual Wealth Management Company (NMWMC). Prior to Northwestern Mutual, Bentley held investment roles at Chicago-based private equity firm Wind Point Partners and was an investment banking analyst at Lehman Brothers in New York. He received his bachelor’s degree in economics from Williams College and an M.B.A. in finance from Northwestern University’s Kellogg School of Management. He is a Chartered Financial Analyst (CFA®) charterholder.
“Jeb’s extensive institutional investment experience makes him well-qualified for the CIO role,” said Gerend. “In addition, he has a comprehensive understanding of our wealth management business, including how Northwestern Mutual advisors serve the investment needs of clients—a key aspect of our integrated approach to delivering better financial outcomes for our clients.”
Current CIO Jeff Lueken will retire as of December 31, 2024, after 36 years with Northwestern Mutual. Lueken’s retirement follows a successful career providing leadership during a period of significant growth for the general account underpinned by new asset classes, expansion of deal networks, establishment of third-party asset management platforms and technology transformation. Prior to being CIO, Lueken led Northwestern Mutual Capital, the private securities team that invests in private bonds and private equities that have generated attractive returns for the portfolio.
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