When Thasunda Brown Duckett took the reins at TIAA in May 2021, she continued her run as one of the financial industry's most powerful and well-known African American women.
Duckett spent the first four months of the year as the CEO of Chase Consumer Banking, a position she held for close to five years. She led a business unit with more than $600 billion in deposits, more than 40,000 employees, and nearly 5,000 branches. She launched Chase's five-year plan to open 400 branches in new markets across the U.S.
At TIAA, Duckett is in charge of a company with about $1.4 trillion in assets under management and offerings that include investment, banking, and retirement services.
Moving to TIAA gave her a new opportunity to think about advancing financial inclusion and opportunity for everyone, no matter how much they earn. Duckett grew up in Texas, the child of parents whose best efforts to provide for their family weren't always adequate. Her father worked in a warehouse and as a truck driver, working so hard to support his family that he wasn't able to muster adequate savings for his own retirement. Worse, his employer may not have made him fully aware of the opportunity to save for his later years.
"When I was in college, it really frustrated me that he had access to a 401(k) plan that he never participated in," she said. "Was that company's message reaching him to say, 'This is something that is for you'? Now, having the privilege to lead a company like TIAA, I get to think about Otis Brown every day and say, 'Are we doing enough to reach an Otis Brown?'"
To make sure TIAA is genuinely connecting with its clients, Duckett is emphasizing the company's mission of financial inclusion and opportunity — goals she has championed throughout her career. She has strengthened the firm's emphasis on qualified default investment accounts (QDIA), a default investment used when an employee contributes money to a retirement savings plan but doesn't make an investment election. A QDIA puts savings to work even when account owners don't follow through by making investment choices, giving them more income in retirement.
Duckett has worked hard to make TIAA more visible, participating in 154 internal and external events to talk about the importance of secure retirement income, leadership, ESG investing, and bringing TIAA customers the full value of the enterprise.
Retirement accounts only thrive when investments do well, and Duckett has made her mark here as well. TIAA is one of just three U.S. insurance companies to get the highest possible rating from three of four leading insurance company rating agencies. The firm had a record high operating margin, and all revenue categories came in higher than planned, with assets under management nearly $1.6 trillion. Nuveen, TIAA's investing arm, had record highs in operating margin, revenues, return on capital, net flows, and dividends paid out to TIAA members.
As an executive of color, Duckett is invested in helping communities of color close achievement gaps in wealth creation, educational outcomes and career success. She takes a strong interest in diversity, equity, and inclusion, including antiracism initiatives. Duckett increased the company's commitment to" Be the Change," a platform launched in 2020 to fight systemic racism, as well as promoting equitable opportunities and inclusive representation throughout TIAA's supply chain, among its employees, and in its investments. The company assessed the sustainability of its top 100 suppliers and started tracking the diverse suppliers it considers and ultimately hires. Under Duckett's leadership, TIAA has won a number of awards for corporate inclusion and diversity.
"Although the industry is going through a digital transformation, we're not yet making the same progress toward closing the racial and gender wealth gaps or the nearly $4 trillion retirement gap," Duckett said. "We must do more to drive diverse talent pipelines and systematically increase access to opportunities for career advancement— especially for women and people of color—that can increase pay and savings."
Duckett serves on the boards of Nike, Brex, Robert F. Kennedy Human Rights, Sesame Workshop, National Medal of Honor Museum, Economic Club of New York, University of Houston Board of Visitors, and Dean's Advisory Board for Baylor University's Hankamer School of Business. She sits on the President's Board of Advisors on Historically Black Colleges and Universities, The Business Council, Business Roundtable and the Committee for Economic Development of The Conference Board, and is a member of the Executive Leadership Council, Delta Sigma Theta Sorority, and Jack and Jill of America.
Perhaps closest to her heart is the Otis and Rosie Brown Foundation, which Duckett founded in honor of her parents. The foundation recognizes and rewards people who use ordinary means to empower and uplift their community in extraordinary ways.
