Nationwide's chief executive officer, Steve Rasmussen, has announced that he plans to retire effective October 1, 2019.
Nationwide's board of directors is conducting a search for a successor with the support of an independent chief executive officer succession advisor.
Mr. Rasmussen will continue to be available through the end of this year to ensure a smooth transition, Nationwide said.
Mr. Rasmussen has had a 45-year career at the Nationwide family of companies. Prior to being named chief executive officer of Nationwide in February 2009, Mr. Rasmussen was president and chief operating officer of the company's property and casualty insurance division from 2003 to 2009. He first joined Nationwide in 1998 as a result of the merger with Allied Insurance, where he served as president and chief operating officer. He joined Allied in 1974.
Nationwide has 30,000 employees and had nearly $47 billion in total sales in 2018.
“I am incredibly proud of all the Nationwide team has accomplished over the last decade, and I have been honored to lead our company as we evolved our business to support the needs of our members, partners and communities,” Mr. Rasmussen said.
“Nationwide's strong heritage and diverse portfolio have positioned us well, but it's our associates that set Nationwide apart and make our company great. Nationwide's future is bright and the leadership team is strong. I look forward to working with my successor on a smooth transition as the company starts a new chapter from a position of strength in every aspect – products, service, talent, technology, innovation, and culture.”
“On behalf of the entire board, I want to thank Steve for his vision, leadership, and outstanding contributions to Nationwide,” said Tim Corcoran, chairman of the board. “His invaluable leadership guided the company's transition to one brand, strengthened our core businesses, evolved our distribution approach, prioritized investments in innovation and emerging businesses, and sharpened our focus on customers. These steps have further solidified Nationwide as a market leader in the insurance and financial services industry.”
Mr. Corcoran added, “Steve and his strong bench of leaders have positioned Nationwide for long-term success. As part of a deliberate and thoughtful succession planning process, the board is conducting a search for Steve's replacement and we look forward to announcing a permanent successor to take Nationwide to its next phase of growth.”
Learn more: www.nationwide.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].