Carter to lead sales; Frommeyer elected CFO
COLUMBUS, Ohio, Nov. 1 /PRNewswire/ -- Nationwide Financial Services
(NYSE: NFS) today announced the election of two top executives:
- John L. Carter becomes president of Nationwide Financial Distributors,
Inc., replacing Richard A. Karas, who announced his retirement earlier
this year. Carter joins Nationwide from Prudential Investments
Platform Distribution, where he was executive vice president. He also
will serve as senior vice president of non-affiliated sales for
Nationwide Financial. His election will be effective Nov. 28.
- Timothy Frommeyer becomes senior vice president and chief financial
officer, effective immediately. He was previously vice president and
chief actuary. In his new role, he replaces M. Eileen Kennedy, who
becomes global chief financial officer for Gartmore, a subsidiary of
Nationwide Financial's parent company, Nationwide Mutual Insurance
Company.
"These appointments represent a significant step forward for Nationwide
Financial," said President and chief operating officer Mark R. Thresher.
"John brings the right background and skills to help us continue to transform
our sales organization and build on the solid foundation established by Rick
Karas. At the same time, we are fortunate to have someone of Tim's caliber
help ensure a smooth transition into the CFO role as Eileen moves to
Gartmore."
In his new role, Carter will lead a broad wholesale distribution force
that works with financial institutions, independent broker dealers, regional
firms, and wirehouses. He will be responsible for managing relationships with
major accounts for all of Nationwide Financial's products and services. He
also will establish consistent sales processes and a common sales operation
infrastructure across distribution channels and business segments.
Carter, who was with Prudential Financial since 1999, was responsible for
managed accounts distribution through all channels and during his tenure
oversaw sales of Prudential mutual funds, variable annuities, and managed
accounts through Prudential's financial advisors, agents and third-party
financial professionals.
Carter began his career with Paine Webber in 1985 as an investment
executive, moved to Fahnestock & Co. in 1989 in institutional sales, and
served as a national consultant for Corporate Network Brokerage Service, all
in the Kansas City area.
He joined Kidder Peabody Asset Management in 1992 as vice president of
sales, and became divisional sales vice president for Paine Webber Investment
Consulting in 1995 after its purchase of Kidder.
Carter holds a B.S. degree in business administration/finance from the
University of Missouri.
Frommeyer, in his new role, is responsible for the Company's financial
operations and reporting, capital management, planning, resource allocations,
investor relations and risk management, including the actuarial function.
He began his career with Nationwide Financial in 1986 as an actuarial
student and rose through positions of increasing responsibility, including
three years as CFO in the public-sector retirement plans business. Since May
2004, he has served as chief actuary for Nationwide Financial, responsible for
risk management, actuarial, and product development for a wide array of
financial services products, including fixed and variable annuities,
traditional and universal life insurance products, as well as various
retirement plans.
Frommeyer is a mathematics graduate of Xavier University and a fellow of
the Society of Actuaries.
About Nationwide Financial
Columbus-based Nationwide Financial is the holding company for the
domestic retirement savings operations of Nationwide, which owns 63 percent of
the outstanding common shares of NFS. The major operating subsidiary of NFS
is Nationwide Life Insurance Company. To obtain investor materials, including
the Company's 2004 annual report to shareholders, Form 10-K and other
corporate announcements, visit the investor relations portion of Nationwide
Financial's Web site at http://www.nationwidefinancial.com.
Nationwide Financial is part of the Nationwide group of companies, which
offers diversified insurance and financial services. The group is led by
Nationwide Mutual Insurance Company, which is ranked No. 99 on the Fortune 100
based on 2004 revenue(1).
Nationwide and the Nationwide Framemark are federally registered service
marks of Nationwide Mutual Insurance Company. On Your Side is a service mark
of Nationwide Mutual Insurance Company.
(1) Fortune Magazine, April 2005
Contacts:
Mark Barnett, Investor Relations
614-677-5331
barnetj5@nationwide.com
Jeff Botti, Media Relations
614-249-6339
bottij@nationwide.com
SOURCE Nationwide Financial Services
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Related links:
http://www.nationwidefinancial.com
Company News On-Call:
http://www.prnewswire.com/comp/607050.html
CONTACT:
Mark Barnett, Investor Relations,
+1-614-677-5331, or barnetj5@nationwide.com, or Jeff Botti, Media
Relations, +1-614-249-6339, or bottij@nationwide.com, both of
Nationwide Financial Services
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