Nationwide CEO Steve Rasmussen Plans to Retire
Nationwide Chief Executive Officer Steve Rasmussen announced today that he plans to retire effective October 1, 2019. The Nationwide Board of Directors is conducting a search for a successor with the support of an independent CEO succession advisor. Rasmussen will continue to be available through the end of this year to ensure a smooth transition.
Rasmussen has had a 45-year career at the Nationwide family of companies. Prior to being named CEO of Nationwide in February 2009, Rasmussen was president and chief operating officer of the company’s Property and Casualty insurance division from 2003 to 2009. He first joined Nationwide in 1998 as a result of the merger with Allied Insurance, where he served as president and chief operating officer. He joined Allied in 1974.
Under Rasmussen’s leadership, Nationwide has grown significantly and strengthened its position as one of the nation’s largest insurance and financial services companies, with 30,000 employees and nearly $47 billion in total sales in 2018.
“I am incredibly proud of all the Nationwide team has accomplished over the last decade, and I have been honored to lead our company as we evolved our business to support the needs of our members, partners and communities,” Rasmussen said.
“Nationwide’s strong heritage and diverse portfolio have positioned us well, but it’s our associates that set Nationwide apart and make our company great. Nationwide’s future is bright and the leadership team is strong. I look forward to working with my successor on a smooth transition as the company starts a new chapter from a position of strength in every aspect – products, service, talent, technology, innovation and culture.”
Under Rasmussen’s leadership, the company has been widely recognized for its strong culture of engagement and inclusion. Nationwide has been named one of Fortune Magazine’s 100 Best Companies to Work For, a Great Place to Work by Gallup and a best place to work for LGBTQ equality by the Human Rights Campaign. Nationwide also has been honored by the National Urban League, Black Enterprise, Latina Style and Catalyst, among others.
During his more than 10 years as CEO, Rasmussen oversaw key acquisitions that broadened Nationwide’s market share. These include the merger with Harleysville Insurance in 2012, which solidified Nationwide’s position as a commercial lines (CL) industry leader and the purchase of Jefferson National in 2017, which expanded Nationwide’s registered investment advisor (RIA) distribution and fee-based product offerings.
Rasmussen led the consolidation of multiple brands to leverage the iconic Nationwide name and “Nationwide is on your side”-tag line, elevating the company’s profile across all of its product offerings. In addition, he established a focus on innovation and emerging businesses to position the company for the future.
“On behalf of the entire Board, I want to thank Steve for his vision, leadership and outstanding contributions to Nationwide,” said Tim Corcoran, chairman of the Board. “His invaluable leadership guided the company’s transition to one brand, strengthened our core businesses, evolved our distribution approach, prioritized investments in innovation and emerging businesses, and sharpened our focus on customers. These steps have further solidified Nationwide as a market leader in the insurance and financial services industry.”
Corcoran added: “Steve and his strong bench of leaders have positioned Nationwide for long-term success. As part of a deliberate and thoughtful succession planning process, the Board is conducting a search for Steve’s replacement and we look forward to announcing a permanent successor to take Nationwide to its next phase of growth.”
Rasmussen has been an active leader outside of Nationwide, serving on the boards of the Nationwide Children’s Hospital, OhioHealth, American Electric Power and Catalyst. He is also a member of the Columbus Partnership, has previously served on the boards of the Columbus Metropolitan Library, National Urban League and the Insurance Information Institute, and co-chaired the United Way of Central Ohio Alexis de Tocqueville Vingt-Cinq Society campaign.
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.