TIAA has announced that Thasunda Brown Duckett will become their next Chief Executive Officer. Duckett will replace Roger Ferguson Jr., who will retire at the end of March. With this news, Duckett will become the first Black woman to hold the role of CEO at the company. It also marks the first time that TIAA has transferred power from one Black CEO to another Black CEO.
"[This is] the only Black CEO to Black CEO transition of this magnitude of which we are aware," the Executive Leadership Council told The Washington Post.
Previously, Duckett worked as the CEO of Chase Consumer Banking. In this role, she led nearly 5,000 branches and handled $600 billion in deposits. At her new job, she will lead a company known for providing financial services for medical, academic and government organizations.
“Thasunda is widely recognized as an exceptionally dynamic and inspirational leader,” TIAA Board of Trustees Chairman Ronald L. Thompson stated.
“She brings invaluable experience leading and growing large, complex businesses, setting and executing strategy, improving client experience and attracting and developing talent. Equally important, she is deeply mission-oriented, with values that reflect those of TIAA, including a passion for financial inclusion and empowerment.”
Duckett is the second Black woman to become the CEO of a Fortune 500 company over the last four weeks. Recently, Rosalind Brewer was named as the next CEO of Walgreens. Brewers previously held an executive role at Starbucks.
“The Board conducted an extensive search to identify an exceptional leader who will build on WBA’s track record of success and take advantage of the many growth opportunities in many markets across the company. We are excited to have found that person in Roz,” Walgreens Boots Alliance CEO Steffano Pessina said.
Moving forward, Brewer and Duckett will stand tall as the only two Black women to lead Fortune 500 companies.
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