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The CFO is expected to face civil fraud charges as part of the AIG/General Re reinsurance probe.
Stephen Taub, CFO.com | US
November 17, 2005
Elizabeth Monrad has resigned as executive vice president and chief financial officer of TIAA-CREF, the New York City–based retirement fund and financial services organization.
She had not been performing her day-to-day duties since May 10, when she took a leave of absence after receiving a Wells Notice from the Securities and Exchange Commission. A Wells Notice indicates that the regulator has made a preliminary decision to recommend that the commission bring a civil action against an individual. In Monrad's case, the notice reportedly was related to her role as CFO of General Re Corp.
Monrad is expected to face civil fraud charges as part of the SEC's investigation into a reinsurance transaction between General Re and American International Group that occurred in 2000. She left General Re to join TIAA-CREF in July 2003.
"I want to thank Betsy Monrad for her service to TIAA-CREF and its clients," said Herb Allison, TIAA-CREF's chief executive. "Her leadership was instrumental in reinforcing our organization's continued financial strength."
TIAA-CREF officials said Russell Noles will continue to serve as acting CFO, and Arlen Copenhaver, an associate auditor, will continue to head the company's internal audit function on an acting basis in place of Noles. The company has initiated a search for a CFO, which will include both internal and external candidates.
TIAA-CREF manages $360 billion in assets.
Earlier this week, Colgate-Palmolive Co. said in a regulatory filing that Monrad had resigned from its board of directors.