Northwestern Mutual has announced senior leadership changes as part of its ongoing succession planning efforts, designed to support the company's growth and align its leadership structure.
These organizational moves come as the company prepares for a CEO transition following the retirement of chairman and CEO John Schlifske on Dec. 31, 2024. President Tim Gerend will succeed Schlifske as CEO starting Jan. 1, 2025.
The company also announced key promotions for the roles of chief investment officer (CIO) and chief human resources officer (CHRO), both of whom will report to Gerend.
Schlifske highlighted the importance of leadership development as a key factor in the company’s success, stating that Gerend has established a strong team in preparation for his new role.
"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,” Schlifske said.
Jeb Bentley (pictured above, left), currently vice president of wealth and investment management, will take on the role of executive vice president and CIO effective Jan. 1, 2025, succeeding current CIO Jeff Lueken, who will retire at the end of 2024 after 36 years with the company.
In the interim, Bentley will be named vice president and co-CIO before fully assuming his new responsibilities. As CIO, Bentley will oversee the management of Northwestern Mutual’s $316 billion general account investment portfolio.
Bentley has been with Northwestern Mutual since 2004, holding leadership roles in investment strategy and public and private markets. Since 2022, he has played a key role in managing the company’s wealth management business, which has more than $320 billion in client assets.
Bentley has also served as president and CEO of Northwestern Mutual Wealth Management Company. Prior to joining Northwestern Mutual, he worked at private equity firm Wind Point Partners and as an investment banking analyst at Lehman Brothers.
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Gerend commented on Bentley’s appointment, noting Bentley’s extensive institutional investment experience.
"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,” Gerend said.
Lueken’s retirement follows a career in which he led Northwestern Mutual’s investment strategies during significant growth in its general account, including the expansion into new asset classes and technology transformation. Before becoming CIO, Lueken led the private securities team at Northwestern Mutual Capital.
Kelly Culler (pictured above, right), currently vice president of talent and senior HR business partner, will step into the role of executive vice president and CHRO on Janu. 1, 2025, following the retirement of Don Robertson from the CHRO position.
Culler will oversee Northwestern Mutual’s human resources strategy, talent management, employee experience, diversity and inclusion initiatives, and compensation and benefits programs.
Culler joined Northwestern Mutual in 2018, bringing over 20 years of human resources experience. She has held key roles in recruiting and workforce planning and has led talent acquisition for the company.
Culler previously served in HR leadership roles at technology firms such as Apttus and TeleTech Holdings. She holds a bachelor’s degree in organizational management from the University of Michigan and the Global Professional in Human Resources (GPHR) certification.
Gerend highlighted the importance of Northwestern Mutual’s culture in attracting and retaining top talent.
"Over time, we've built a unique culture centered around employee growth, wellbeing, a sense of belonging, and a dedication to our mission. Under Kelly's leadership, I'm confident we'll continue to attract and retain top talent, provide exceptional support for our employees, and further strengthen our culture as we drive performance and growth,” Gerend said.
Robertson, who joined Northwestern Mutual in 2018, will step down as CHRO on Dec. 31, 2024, but will remain in an advisory role until his retirement in July 2025. During his tenure, Robertson oversaw major transformations within the company’s human resources function, including talent strategy advancements, leadership capability development, and diversity and inclusion initiatives.
"We sincerely thank Jeff and Don for their leadership and many contributions to the company and wish them the very best in retirement," Schlifske said.
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