She’s on Top of the Business World!

Trailblazing executive Thasunda Brown Duckett has officially been named the President and Chief Executive Officer (CEO) of TIAA, one of the nation’s leading financial services and retirement investment firms. The historic appointment makes Duckett only the second Black woman currently leading a Fortune 500 company, following Rosalind Brewer of Walgreens Boots Alliance (CNN). She will assume the role on May 1, 2021, succeeding Roger W. Ferguson Jr., who has led TIAA since 2008.

“Thasunda is widely recognized as an exceptionally dynamic and inspirational leader,” said Ronald L. Thompson, Chairman of TIAA’s Board of Trustees, in a company statement. “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” (TIAA Press Release).

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A Record of Leadership and Innovation

Before joining TIAA, Duckett served as CEO of Chase Consumer Banking, a division of JPMorgan Chase & Co. where she oversaw a network of more than 4,900 branches, managed over $600 billion in deposits, and led a team of more than 40,000 employees (Forbes). Under her leadership, Chase achieved multiple No. 1 rankings from J.D. Power for customer satisfaction, mobile banking innovation, and digital engagement.

Duckett spearheaded Chase’s first major branch expansion in a decade, adding 400 new branches across 20 U.S. markets in just five years — a strategic move that bridged retail, small business, home lending, and wealth management divisions (Bloomberg). “She understands that a retail branch isn’t just a bank — it’s a cornerstone of the community,” said James R. Chambers, TIAA’s board chairman-elect, praising her commitment to equitable access to financial tools.

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A Champion for Financial Equity

Duckett’s rise has been fueled by her lifelong commitment to closing the racial wealth gap and empowering underserved communities. While at JPMorgan Chase, she founded the company’s Advancing Black Pathways program, a pioneering initiative to help Black Americans build generational wealth through education, career advancement, and entrepreneurship (The Wall Street Journal).

She also co-led Women on the Move, a corporate initiative supporting female employees and entrepreneurs, and helped guide Chase’s pandemic response to prioritize communities hardest hit by COVID-19.

In an impassioned LinkedIn post, Duckett emphasized the need for honest discussions about racial inequity:

“We must take an unvarnished look at the stark and persistent disparities in wealth for Black Americans today, created largely by centuries of systemic racism. And we must have courageous conversations about being Black in America.”

Her motivation, she says, comes from personal experience. “I often think about the pain of telling my father that his pension wasn’t enough,” Duckett reflected. “Now, I have the privilege of leading a company that has paid out over $500 billion in lifetime income since its founding in 1918” (Fortune).

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Breaking Barriers in the Fortune 500

Since the Fortune 500 list was first compiled in 1955, only 19 Black executives have ever led one of these top companies (CNN Business). With Ken Frazier’s retirement from Merck, Duckett joins a short but powerful list that includes Marvin Ellison of Lowe’s and Rosalind Brewer of Walgreens — making her achievement even more significant.

Crystal Ashby, interim CEO of the Executive Leadership Council, noted that TIAA’s decision reflects a broader movement toward inclusion at the highest levels:

“TIAA’s action is indicative of our mantra of diversity at the top being an imperative for driving diversity throughout the organization.”

Her appointment also drew praise across the business world. Mellody Hobson, co-CEO of Ariel Investments and a longtime advocate for corporate diversity, celebrated on X (formerly Twitter):

“If excellence were people, it would be Thasunda and Roz. Congratulations to Thasunda ‘T’ Brown Duckett on being named CEO of @TIAA.”

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Roots, Resilience, and Recognition

Duckett’s career began at Fannie Mae, where she led initiatives to increase affordable housing access for minority families. She earned a B.A. in Finance and Marketing from the University of Houston and an MBA from Baylor University’s Hankamer School of Business.

In 2019, she joined Nike’s Board of Directors and was named one of Fortune’s “Most Powerful Women to Watch.” Her leadership style — often described as a blend of strategic precision and heartfelt empathy — continues to inspire a new generation of business leaders, especially women and people of color (Fortune).

Outgoing CEO Roger W. Ferguson Jr. expressed his confidence in his successor, saying, “Thasunda is the right person to lead TIAA at a time when its mission has never been more critical — when the challenges of fostering financial stability and inclusion are greater than ever.”

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Looking Ahead

As Duckett steps into her new role, she carries forward TIAA’s century-old mission to ensure that educators, healthcare professionals, and nonprofit workers can retire with dignity. “This isn’t just a leadership role,” she said, “it’s a calling — to help millions of Americans achieve financial well-being and to continue breaking barriers so that others can follow.”

From her humble beginnings to becoming one of the most influential women in corporate America, Thasunda Brown Duckett’s story is a masterclass in excellence, equity, and endurance — proof that glass ceilings can be shattered with purpose and perseverance.