Giant US asset manager TIAA named Thasunda Brown Duckett as chief executive, making her the second African American tapped in 2021 to lead a major US enterprise.

Duckett is known as one of Wall Street's most prominent Black executives and serves currently as head of Chase consumer banking at JPMorgan Chase, where she oversees a banking network with more than $600 billion in deposits and 40,000 employees.

Teachers Insurance and Annuity Association of America, or TIAA, which manages $1.3 trillion in assets, hailed Duckett as a "an exceptionally dynamic and inspirational leader," said TIAA Chair Ronald Thompson.

"She brings invaluable experience leading and growing large, complex businesses, setting and executing strategy, improving client experience and attracting and developing talent," Thompson said.

"Equally important, she is deeply mission-oriented, with values that reflect those of TIAA, including a passion for financial inclusion and empowerment."

Only two other African American women have been tapped as CEO of Fortune 500 companies, according to Fortune magazine.

They are former Xerox Chief Executive Ursula Burns, who led the company from 2009 through 2016 and Rosalind Brewer, who was recently named chief executive of Walgreens Boots Alliance and will join the company next month.

Duckett will replace Roger Ferguson, who announced his intention to retire on March 31. Ferguson plans to stay at TIAA until Duckett joins on May 1.

jum-jmb/ft