Thasunda Brown Duckett named first feminine CEO of TIAA

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Thasunda Brown Duckett, JPMorgan Chase’s CEO of Chase Consumer Banking, has been named the new CEO of TIAA, a leading provider of secure retirement and results-oriented investment solutions for millions of people and thousands of institutions.

Duckett’s appointment as CEO, beginning May 1, makes her the second black woman to lead a Fortune 500 company this year. Starbucks COO Roz Brewer to become CEO of Walgreens on March 15th.

In the past four years, no Fortune 500 company has been run by a black CEO. In the list’s 66-year history, only one black executive, former Xerox boss Ursula Burns, has held such an important position, Fortune reported.

“Thasunda is widely recognized as an exceptionally dynamic and inspiring leader,” said Ronald L. Thompson, chairman of the 103-year TIAA Board of Trustees. “She brings invaluable experience to running and growing large, complex companies, defining and executing strategies, improving customer experiences, and attracting and developing talent. Equally important, she should be deeply mission-driven and have values ​​that match those of TIAA, including a passion for financial inclusion and empowerment. “

In her most recent position at Chase, Duckett ran a banking network with more than $ 600 billion in deposits, 4,900 branches, and over 40,000 employees. With a vision and strategy of making recognized retail stores the critical linchpin for successful growth in multiple businesses such as small business, housing and asset management, she undertook Chase’s first major store expansion in 10 years, adding 400 new stores in 20 new ones added markets over five years. That strategy also reflected Duckett’s commitment to improving the lives of individual customers and local communities by providing more jobs, neighborhood resources and access to financial services, TIAA said in a news release.

Duckett is TIAA’s first female executive director. She has been recognized as a leader in finance. In 2019, she was named one of Fortune’s Most Powerful Women. American Banker Magazine named her the 7th Most Powerful Woman in Banking, and she was also named the Black Enterprise Magazine’s list of Black Enterprise Magazine’s Most Powerful Women in Corporate America, AP News reported.

“I think about the day my dad asked me to help him plan his retirement and I had to tell him, ‘Dad, your pension is not enough,'” said Duckett. “Thanks to his work and sacrifices, and the support of many others who have accompanied me throughout my life and career, I am blessed to be part of TIAA, which has generated over $ 500 billion in lifetime income since its inception other benefits paid off in 1918.

“I am extremely grateful for the opportunity to run a company that has helped millions of people retire with ‘enough’ to live with dignity and I appreciate the opportunity to help TIAA plan its next one 100 years of support. “

Make history

Brewer has been announced as the new CEO of the Walgreens Boots Alliance (WBA), succeeding Stefano Pessina, who served as CEO for six years following the merger of Walgreens and Alliance Boots in 2014. Pessina becomes Executive Chairman of the WBA Board of Directors.

Starbucks COO Roz Brewer to become Walgreens’ new CEO. Photo: Twitter / The Root

Pessina praised Brewer’s expertise in operations, customer relationships, talent development and digital innovation.

“She is a respected and experienced leader who has led companies around the world through periods of shift in consumer behavior by innovating that improve the customer experience,” he said.

At Starbucks, Brewer has reshaped stores, cleared clutter and reduced administration so staff can focus on customers and accelerate service. She helped expand Starbucks’ rewards program and campaigned for more diversity among its ranks.

Prior to joining Starbucks, Brewer was President and CEO of Sam’s Club, Walmart’s member-only storage canal. They also grew Sam’s club membership and improved merchandise.

Prior to that, Brewer was with Kimberly-Clark for 22 years. Brewer, who holds a bachelor’s degree in chemistry from Spelman College, a historically black liberal arts college for women in Atlanta, Georgia, started out at Kimberly-Clark as a scientist and later became president of the Global Nonwovens Sector.

Brewer said she looks forward to innovations in the healthcare industry at Walgreens, especially as the company is helping fight the coronavirus pandemic.

“I enter this role with great optimism about the future of the WBA,” Brewer said in a statement.

Walgreens, based in Deerfield, Illinois, employs more than 450,000 people and has more than 21,000 stores worldwide.