MILWAUKEE — Northwestern Mutual CEO John E. Schlifske will retire Dec. 31, 2024. 

Schlifske has been the company’s CEO for 14 years and worked at the financial security company for 37 years. His retirement lines up with the company’s mandatory retirement age policy.

John Schlifske, Chairman, President and CEO, Northwestern Mutual (Photo courtesy of Northwestern Mutual)

“It’s been a pleasure to serve Northwestern Mutual for nearly four decades. I have a deep sense of pride and gratitude for Northwestern Mutual, our dedicated employees and field force of advisors, and a noble mission that plays such a critical role for our clients’ financial well-being,” Schlifske said. “And, with our strategic vision, commitment to mutual values, leading financial strength, and unique culture, I’ve never had more confidence in the future of this company.”

Northwestern Mutual’s Board of Trustees appointed Tim Gerend to be the next CEO. The 52-year-old will assume the role Jan. 1, 2025.

Northwestern Mutual said the decision to name him CEO resulted from a “thorough and diligent succession planning process to ensure the smooth transition of leadership and management.”

Gerend is currently Northwestern Mutual’s executive vice president, chief distribution officer. He has held that role since 2018. Northwestern Mutual said Gerend will now transition to the position of president.

Schlifske will continue to serve as the chairman of Northwestern Mutual’s Board of Trustees through Jan. 2025. Gerend will then take over that role as well.

Tim Gerend, Executive Vice President and Chief Distribution Officer, Northwestern Mutual (Photo courtesy of Northwestern Mutual)

“I am humbled and honored to accept the role of CEO,” Gerend said. “I’ve had a front-row seat to the efforts that have driven Northwestern Mutual to become an integrated financial security company providing insurance and wealth management offerings to our clients. John’s leadership and guidance over the years has been invaluable to me and other company leaders. I’m confident that with our talented employees and financial advisors, we will continue the momentum that John has created during his tenure.”

Gerend joined Northwestern Mutual in 2002 as an attorney. Since then, he has held roles in law, field compensation and planning, enterprise compliance and campus planning. He is currently responsible for career distribution, marketing and strategic communications.

“Tim brings a host of experiences from multiple areas of the company, and has played a significant role in the growth and evolution of our exclusive distribution — a key pillar of our company — which has grown to 8,000 financial advisors today,” Schlifske said. “As a strategic, principled, and mission-driven leader, Tim has the vision and experience to lead the company as we serve generations to come.”