TIAA-CREF announced Monday that, as part of a “new client-focused organizational structure,” Maliz Beams, who was ranked one of the top 25 non-bank women in finance in 2008 by U.S. Banker, will be leaving the firm.
She will be replaced by Edward Van Dolsen, who was named chief operating officer and will take over for Beams.
Van Dolsen, who has been the company’s executive vice president for product development and management since 2008, will oversee the company’s institutional and individual client services, sales and distribution and product functions, to make the company more efficient and accelerate decision-making, the firm said.
“We’re organizing around our customers, so that we can respond nimbly to their needs,” Van Dolsen said in a press release. “We will also continue to make capital investments and infrastructure improvements on behalf of clients, who are the driving force in all we do.”
Prior to his most recent position, Van Dolsen, 52, held a series of senior management positions within TIAA-CREF, including executive vice president of institutional client services and head of the pension product management team. He joined the company in 1982.
It was also announced that Marvin Adams was named as executive vice president of shared services.
“This evolution of our structure consolidates our customer-focused areas to enhance the delivery of services clients expect today and anticipate and meet their future needs,” Roger W. Ferguson Jr., the company's chief executive officer, said in a press release. “Ed’s knowledge and 28 years of experience at TIAA-CREF give me complete confidence in his ability to ensure that we listen and learn from clients, serve them with excellence, and improve continuously.”
Beams, 54, oversaw $426 billion in retirement assets for the company during her six-year tenure. She developed and launched TIAA-CREF’s wealth management business and built its advice platform. With that program in place, TIAA-CREF can help clients manage across all their financial relationships for the purposes of risk management, tax efficiency, income and estate planning. She also led the restructuring and launch of the company’s personal trust and private asset management businesses, which had record growth under her leadership.
Beams has nearly 30 years of experience in the industry. Prior to joining TIAA-CREF in 2004, she was a partner and managing director at Zurich Scudder Investments.
TIAA-CREF provides retirement plans for individuals who work in the academic, research, medical and cultural fields. It serves 3.7 million active and retired employees participating in more than 27,000 retirement plans.
This story was reprinted with permission from Financial Planning.
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