TORONTO, June 9 /CNW/ - Russell Investments announced today that its
board of directors has named John Schlifske, executive vice president at
Northwestern Mutual and a member of the Russell board of directors, the
company's new president and chief executive officer effective immediately.
Schlifske succeeds Craig Ueland who has decided to leave the firm. Mike
Phillips remains chairman of the board.
"I've known John for more than 10 years. He knows Russell extremely well
and has always been a great advocate for this company," said Phillips. "We are
fortunate to have someone of John's seniority taking on this role which
clearly demonstrates the support of Northwestern Mutual to lead our future
success. I and the board have complete confidence in his ability and that of
the Russell leadership team."
In naming Schlifske to lead the company, Russell has tapped one of its
own board members, as well as a financial industry veteran with a strong
Schlifske most recently was responsible for all aspects of Northwestern
Mutual's investment products and services business, including annuities,
mutual funds, advisory products and the Northwestern Mutual Wealth Management
Company. As part of these responsibilities, Schlifske also served as Chief
Executive Officer of Northwestern Mutual Investment Services, Northwestern
Earlier in his 20-year career with Northwestern Mutual, Schlifske managed
significant real estate and private equity assets as part of the company's
general investment portfolio supporting its insurance product lines. He has
served on the Russell board since 1999 and has served on the board's audit and
human resources committees.
"I am honored to have an opportunity to lead such a talented and globally
preeminent organization," said Schlifske. "I am committed to continuing
Russell's already strong growth, while maintaining the values that have
brought us to where we are today. I am even more optimistic about Russell's
future than I was when the companies came together in 1999."
Phillips acknowledged Ueland's contributions since being named CEO in
"Craig has made an extensive contribution to Russell throughout his
25 years at the company, culminating in his leadership the past five years.
Craig successfully melded his expertise and his deep affection for Russell and
its purpose in order to drive growth and position the firm to compete in the
global financial services landscape of the future," said Phillips. "We wish
him well as he moves on."
The Russell board will conduct a search that includes internal and
external candidates for a CEO to succeed Schlifske, who is expected to return
to Northwestern Mutual after this assignment. There is no timetable
established for the search.
Russell Investments provides strategic advice, world-class
implementation, state-of-the-art performance benchmarks and a range of
institutional-quality investment products. With nearly US$213 billion in
assets under management (as of 3/31/08), Russell serves individual,
institutional and advisor clients in more than 40 countries. Russell provides
access to some of the world's best money managers. It helps investors put this
access to work in corporate defined benefit and defined contribution plans,
and in the life savings of individual investors.
Founded in 1936, Russell is a subsidiary of Northwestern Mutual Life
Insurance Company and headquartered in Tacoma, Wash. Russell has principal
offices in Amsterdam, Auckland, Johannesburg, London, Melbourne, New York,
Paris, San Francisco, Singapore, Sydney, Tokyo and Toronto.
Russell Investments Canada Limited is a wholly-owned subsidiary of Frank
Russell Company. For more information, please go to www.russell.com/ca.
Commissions, trailing commissions, management fees and expenses all may
be associated with mutual fund investments. Please read the prospectus before
investing. Mutual funds are not guaranteed, their values change frequently and
past performance may not be repeated.
Nothing in this publication is intended to constitute legal, tax
securities or investment advice, nor an opinion regarding the appropriateness
of any investment, nor a solicitation of any type. This is a publication of
Russell Investments Canada Limited and has been prepared solely for
information purposes. It is made available on an "as is" basis. Russell
Investments Canada Limited does not make any warranty or representation
regarding the information.
For further information:
For further information: Thien Huynh, (416) 640-2529