Russell Investments’ president and chief executive officer, Craig Ueland, will leave the firm and his responsibilities will be temporarily filled by one of the Tacoma, Wash.-based firm’s board members, John Schlifske.
The decision for Mr. Ueland to leave was mutual, according to Russell spokeswoman Jennifer Tice.
“It was agreed that it was a good time for a leadership change,” Ms. Tice said.
Mr. Schlifske has spent the last 20 years at Russell’s parent company, Northwestern Mutual Life Insurance Co., serving most recently as CEO of Northwestern Mutual Investment Services, the company’s broker-dealer.
A Russell board member since 1999, Mr. Schlifske plans to return to Milwaukee-based Northwestern Mutual, where he holds the title of executive vice president, when a permanent replacement is named.
The Russell board of directors is planning an internal and external search for a permanent replacement of Mr. Ueland but has no timetable in place.
Mr. Ueland leaves Russell after spending 25 years with the firm, including the last four as president and CEO.
Russell had nearly $213 billion in assets under management on March 31.
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