Leadership of John Nuveen & Co. has evolved into what the firm describes as a new generation for the 21st century with the appointment of two new top executives, the firm's board of directors announced yesterday.
Following the retirement of two veterans from Nuveen's helm, Timothy R. Schwertfeger was named the new chairman and chief executive officer, while Anthony T. Dean was named new president and chief operating officer, the company said.
Veterans Richard J. Franke, chairman and chief executive officer, and Donald E. Sveen, president and chief operating officer, will both retire effective June 30, according to Nuveen spokesman Ed Dunn.
Franke, 64, has been with Nuveen for 41 years, serving as chairman for the past nine years and chief executive officer for the last 22 years. In his 27 years of service, Sveen, 63, has been president since 1989 and chief operating officer since 1974.
Schwertfeger, 46, joined the firm's investment banking department in 1977. Prior to that, he worked as bond counsel on numerous municipal financings with a Chicago law firm.
While at Nuveen, Schwertfeger served as national director of health care investment banking services and in 1987 was promoted to head of corporate marketing.
He has been executive vice president and a member of Nuveen's board of directors since 1989.
A former member of the cabinet for the governor of Illinois, Dean, 50, joined Nuveen 20 years ago, at which time he coordinated the firm's investment banking operations in Alaska. He later became manager of financial futures and then treasurer and manager of national operations.
In addition to serving as an executive vice president and member of Nuveen's board of directors since 1989, Dean most recently directed the distribution of the firm's packaged investment products.
The new appointments were no surprise, since Schwertfeger and Dean have been preparing to assume stewardship of the firm for several years, the company said.
