A search for his successor is now under way. Grzybowski will remain in his current role until March 2012.
In addition, TIAA-CREF announced three new executive appointments in its asset management division. Carol Deckbar was named chief operating officer of TIAA-CREF Asset Management, a newly created position; on the investment team, David Brown was named portfolio manager of the TIAA General Account, also a new position and Lisa Black, currently serving as managing director, Global Public Markets, and head of public fixed-income portfolio management, will succeed Brown as senior managing director and head of Global Public Markets.
Deckbar will be responsible for the business activities of TIAA-CREF Asset Management including product management, business development, operations, technology, finance and marketing. She has been senior vice president of Investment Products at the firm for the past five years, responsible for a team of 40 professionals who develop and manage a wide range of investment products in equities, fixed income, real estate and alternatives. Deckbar will continue to report to Scott Evans, executive vice president of TIAA-CREF and president of Asset Management.
Deckbar has 19 years of industry experience. Prior to joining TIAA-CREF in January 2007, she held various senior management positions in the asset management businesses of Bank of America and Wachovia.
Brown will have responsibility for asset allocation within the $207 billion (9/30/11) General Account, as well as determining the risk-adjusted targets for assets in the General Account. He was previously senior managing director and head of Global Public Markets, responsible for overseeing all of the organization’s public fixed-income investments.
Brown has 24 years of industry experience. He joined TIAA-CREF in 2005. Prior to serving as the head of Global Public Markets, he served as head of Global Private Markets, where he was responsible for all of the organization’s private fixed income, private equity and alternative investments.
Black has 24 years of industry experience. She joined TIAA-CREF in 1987 as a corporate credit analyst. She moved on to assume other roles at the firm including head of public fixed income trading, and manager of the public market mortgage and asset-backed group.