Edward J. Zore, president of Northwestern Mutual, will become the company's chief executive officer effective June 1. Zore's election to chief executive was approved by the company's board of trustees today.
James D. Ericson, 65, current chairman and CEO of Northwestern Mutual, will continue as chairman until his retirement July 31. He will continue to serve on the company's board of trustees following his retirement. Ericson has served as CEO since Oct. 1, 1993, as part of his 36-year career with the company.
Zore joined Northwestern Mutual's Investment Department in 1969, and has held a variety of investment positions during his 32-year tenure with the company. He served as chief financial officer from 1995 to 1998, and chief investment officer from 1990 to 1998. He was elected executive vice president in 1995, and in 1998 moved from the investment area to lead the life and disability insurance operations. He was named president on March 31, 2000.
He serves on the board of directors of Robert W. Baird Financial Corporation, Manpower Inc., and Frank Russell Company.
The company announced several related management moves, also effective June 1.
John Bremer, senior executive vice president, will become chief operating officer of Northwestern Mutual and report to Zore. Bremer will continue as the chair of the company's Management Committee.
Mason Ross will be promoted to executive vice president, become a member of Management Committee and report to Zore. Ross will continue as chief investment officer.
Other members of Northwestern Mutual's Management Committee, reporting to Zore, include:
-- Peter W. Bruce, senior executive vice president, responsible for the
company's life, disability, and long-term care insurance business;
-- Deborah A. Beck, executive vice president, responsible for strategic
planning and technology;
-- William H. Beckley, executive vice president, responsible for the
company's general agencies and distribution system; and
-- Bruce L. Miller, executive vice president of marketing.
As a civic leader, Zore is actively involved in the community and state. He serves on the executive committee of the YMCA of Metropolitan Milwaukee. He is a board member of: Children's Health System, Inc. of Wisconsin, the Puelicher Center for Banking at the University of Wisconsin-Madison, United Performing Arts Fund, Wisconsin Policy Research Institute; and Wisconsin Taxpayers Alliance.
He serves on the advisory councils of Lutheran Social Services, University of Wisconsin-Milwaukee School of Business Administration, and the Chancellor's Council of Corporate Sponsorship at the University of Wisconsin-Milwaukee. He is also a member of the Greater Milwaukee Committee.
A Milwaukee native, Zore holds bachelor's and master's degrees in economics from the University of Wisconsin-Milwaukee.
Northwestern Mutual is the nation's leading provider of individual life insurance, with 2.8 million policy owners and $633 billion of individual life insurance in force as of year-end 2000. It has always received the highest possible ratings for financial strength from Standard & Poor's, Moody's, Fitch, and A. M. Best. In addition to life insurance, the company and its subsidiaries provide annuities, mutual funds, long-term care insurance, and disability income insurance. Northwestern Mutual has assets of $92 billion as of year-end 2000.
SOURCE: Northwestern Mutual
Contact: Jean Towell, 414-665-5167, or Deanna Tillisch, 414-665-2705,
both for Northwestern Mutual