TIAA CEO Ferguson, The Top Potential Biden Appointee, As The United States Secretary of the Treasury, Plans to Retire

TIAA Chief Executive Officer Roger Ferguson, a contender to join President-elect Joe Biden’s cabinet, plans to retire from the investment giant.

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© Ferguson, 69, will lead the organization through March, the company said Tuesday in a statement.“As we look ahead to a post-pandemic world, the next steps we take will be critical to our long-term mission,” Ferguson, one of the most prominent Black executives in finance, said in the statement. “I am absolutely convinced — and the board agrees — that now is the time to select the next CEO who can continue, enhance and drive our strategy for the next decade and beyond.”Ferguson was vice chairman of the Federal Reserve’s Board of Governors from 1999 to 2006 and has been mentioned as a possible candidate to become Treasury secretary in the Biden administration, Bloomberg reported in September. The former vice president wants to make a historic choice for the job that has always been held by a White man.Biden isn’t expected to announce high-ranking cabinet nominees until next week. Other contenders for Treasury include Federal Reserve Governor Lael Brainard and former Fed Chair Janet Yellen.The Wall Street Journal reported on Ferguson’s planned departure earlier Tuesday.He said he’s leaving after completing initiatives to grow TIAA and diversify its assets and revenue, according to an internal email seen by Bloomberg. The firm, which manages more than $1 trillion, has expanded from its roots in investing for teacher retirement, for instance acquiring mutual fund company Nuveen Investments in 2014.

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WHO IS Roger Walton Ferguson Jr., PhD

Dr. Roger W. Ferguson is an Independent Director at Alphabet, Inc., at General Mills, Inc., at International Flavors & Fragrances, Inc., a Chairman at The Conference Board, Inc., a Member-Humanities & Social Sciences Commission at American Academy of Arts & Sciences, a President & Chief Executive Officer at College Retirement Equities Fund, at Teachers Insurance & Annuity Association of America, a President, Chief Executive Officer & Trustee at Teachers Insurance & Annuity Association of America, a Member at American Philosophical Society, a Member at Council on Foreign Relations, Inc., at Prium Cos. LLC and at The Group of Thirty. He is on the Board of Directors at Alphabet, Inc., General Mills, Inc., International Flavors & Fragrances, Inc., Memorial Sloan-Kettering Cancer Center, Teachers Insurance & Annuity Association of America, Institute for Advanced Study, Inc., American Council of Life Insurers, Memorial Sloan-Kettering Cancer Center (New York), Rally Health, Inc., Smithsonian Institution, and Committee for Economic Development and Math for America.

Prior to joining TIAA in April 2008, Mr. Ferguson was head of financial services for Swiss Re, Chairman of Swiss Re America Holding Corporation, and a member of the company’s executive committee. From 1984 to 1997, he was an Associate and Partner at McKinsey & Company. He began his career as an attorney at the New York City office of Davis Polk & Wardwell.

Mr. Ferguson holds a B.A., J.D., and a Ph.D. in economics, all from Harvard University.

Publications, references and appearances

Ferguson has co-authored, edited or led study groups or commissions that have produced numerous publications, including monographs, occasional papers, study group reports and commission reports. These works cover a wide range of topics in financial regulation, financial stability, financial institution culture and governance. and current macroeconomic topics. Among Ferguson’s published works are:

“International Financial Stability”, Geneva Reports World Economy 9 (2007)

“Banking, Financial and Regulatory Reform” (2007)

“The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace” (2008)

“Enhancing Financial Stability and Resilience: Macroprudential Policies, Tools and Systems for the Future” (2010)

“Regulatory Reforms and Remaining Challenges” (2011)

“Aging and the Macroeconomy: Long-term Implications of an Older Population” (2012)

“Toward Effective Governance of Financial Institutions” (2012)

“A New Paradigm: Financial Institutions Boards and Supervisors” (2013)

“Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform” (2015)

“The Future of Undergraduate Education, The Future of America” (2017)

Additionally, Ferguson’s leadership style and leadership of TIAA have been highlighted in several management books, including “The Extraordinary Power of Leader Humility” by Marilyn Gist and “The Harvard Business Review Leader’s Handbook: Make an Impact, Inspire Your Organization, and Get to the Next Level” by Ron Ashkenas and Brook Manville.

Achievements

Ferguson was the only Federal Reserve Governor in Washington, D.C., during the September 11 attacks in 2001. He was responsible for leading the Federal Reserve’s initial response to the terrorist attacks and was praised for his expert handling of the crisis.

While at the Fed, Ferguson led two working groups to improve the transparency of Federal Open Market Committee (FOMC) decisions and the clarity of FOMC communication. These resulted in the release of a statement at the end of each FOMC meeting, explaining the rationale for the interest rate decision and including an assessment of the risks facing the economy.

While at the Fed, Ferguson served as Chairman of the Group of Ten Working Party on Financial Sector Consolidation. The Working Party released its final report on January 25, 2001.

Alan Greenspan has called Ferguson “one of the most effective Vice Chairmen in the history of the Federal Reserve.”

Ferguson proposed the idea of a journal dedicated to central banking theory and practice. The resulting International Journal of Central Banking was announced in 2004 and first published in 2005, with two objectives: to disseminate widely the best policy-relevant research on central banking and to promote communication among central banks. The IJCB has more than 50 sponsoring institutions.

With three co-authors, in November 2007 Ferguson published “International Financial Stability”, Geneva Report No. 9, dealing with challenges to global financial stability and including observations regarding the liquidity crisis of 2007.

Ferguson served as the vice chairman of the Group of 30 study group that published “The Structure of Financial Supervision: Approaches and Challenges in a Global Marketplace”. The study of the regulatory structure of 17 jurisdictions was released on October 6, 2008.

Ferguson served as chairman of the Group of 30 study group that published “Enhancing Financial Stability and Resilience: Macroprudential Policy, Tools and Systems for the Future”. The study called on public officials to empower systemic regulators with new tools to enhance the stability and resilience of the global financial system and potentially lessen the severity of future crises. The study was released on October 10, 2010.

Between 2008 and 2012, Ferguson served as economic advisor to President Obama, initially as a member of the President-elect’s Transition Economic Advisory Board and subsequently as a member of the President’s Economic Recovery Advisory Board and the President’s Commission on Jobs and Competitiveness.

Ferguson served as chairman of the Group of 30 study group that published “Toward Effective Governance of Financial Institutions”. The study, which has been translated into three languages. made several concrete and practical recommendations to enhance governance of financial institutions, including recommendations for management, boards of directors, supervisors and shareholders. The study was released on April 12, 2012.

Ferguson served as co-chairman of the Group of 30 study group that published “Banking Conduct and Culture: A Call for Sustained and Comprehensive Reform”. Following two previous reports, the study expands on the role of conduct and culture in the governance of the world’s largest financial institutions. The report identifies shortcomings but also good practice in promoting a strong banking culture, making a series of recommendations that can be drawn upon by leaders as they seek to address culture in their firms. The study was released July, 2015.

Between 2010 and 2012, Ferguson co-chaired a National Research Council panel on the Long-Run Macro-Economic Effects of the Aging U.S. Population. The final report was issued in September, 2012, under the title, “Aging and the Macroeconomy: Long-Term Implications of an Older Population”