President and Chief Executive Officer
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Teresa (Terry) Rasmussen is president and chief executive officer of Thrivent, a Fortune 500 diversified financial services organization. She is a member of the Thrivent Board of Directors and serves on its Governance and Executive committees.
Thrivent offers advice, insurance, investments, banking and generosity products and programs to clients in communities across the United States. Under Rasmussen’s leadership, Thrivent is transforming into a holistic financial services organization, helping current and future generations achieve financial clarity, enabling lives full of meaning and gratitude.
Before her current role, Rasmussen was president of Thrivent’s core life, health and annuities business after serving 10 years as senior vice president, general counsel and secretary. Prior to joining Thrivent, Rasmussen held a series of leadership roles at American Express, including serving as vice president and managing counsel. Earlier in her career, she was a trial attorney with the United States Department of Justice, Tax Division, as part of the Attorney General’s Honors Program.
Rasmussen is chair-elect of the American Council of Life Insurers Board of Directors, where she also serves as chair of the Finance committee, co-chair of the Steering committee on Consumer Issues, and a member of the Compensation committee. She is an independent member of the board of directors for H.B. Fuller Company, a $2.9 billion global adhesives and specialty chemical products company, and serves on the Audit and Governance committees of the board. Rasmussen is also on the board of the Walker Art Center, a world-renowned contemporary art museum in Minneapolis, where she serves as a member of the Audit and Finance committees. She previously served as a board member for the International Cooperative and Mutual Insurance Federation (ICMIF).
Rasmussen received her bachelor’s degree in accounting from Minnesota State University at Moorhead. After passing the CPA exam, she earned her Juris Doctor from the University of North Dakota.
Executive Vice President, Chief Human Resources Officer
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Kelly Baker is executive vice president, chief human resources officer of Thrivent, a Fortune 500 diversified financial services organization.
In her role, Baker is responsible for providing strategic human resources advice and enterprise support for talent acquisition, benefits and compensation, organizational design, diversity and inclusion, and workforce culture and effectiveness. Under her leadership, Thrivent is making strategic talent and resourcing decisions that help the organization meet the needs of current and future clients.
Prior to joining Thrivent in 2021, Baker was executive vice president and chief human resources officer for Pentair. Before that, she served in various human resources roles at General Mills, including vice president of HR for the U.S. segment. She also led Global Diversity & Inclusion during her time at General Mills, strengthening diverse representation among the company’s leaders.
Baker has a bachelor of business administration from Howard University and earned an MBA from the University of Michigan’s Stephen M. Ross School of Business. She serves as a board member of The Opus Group and Ferguson Enterprises. She also serves as a trustee at the Blake School.
Executive Vice President, Chief Digital and Technology Officer
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Brett Brunick is executive vice president, chief digital and technology officer of Thrivent, a Fortune 500 diversified financial services organization.
In his role, Brunick oversees all digital, data and technology activities at Thrivent to help clients achieve financial clarity, enabling lives of meaning and gratitude. His focus is on leading the enterprise through a digital transformation that will deliver experiences that meet and exceed the changing needs of Thrivent clients today and into the future. Brunick is implementing a product operating model that will help accelerate Thrivent’s transformation through teams dedicated to client-first and digital-first experiences.
Brunick joined Thrivent in 2021 with more than two decades of leadership experience spanning the digital, technology, product management, engineering, architecture, data and infrastructure areas. Most recently, he served as executive vice president and chief information officer at Twin Cities-based TCF Bank. While there, Brunick oversaw the launch of an online mobile platform, implemented a full retail customer relationship management across branches and contact centers, and modernized legacy systems. Prior to TCF, Brunick served in a progression of leadership roles at Target and was instrumental in building out key aspects of the consumer experience platform, including target.com, stores, data, merchandising and supply chain.
He has a bachelor’s degree in management information systems from Iowa State University.
Executive Vice President, Chief Distribution Officer
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Nick Cecere is executive vice president and chief distribution officer of Thrivent, a Fortune 500 diversified financial services organization.
In his role, he leads a division that includes all distribution operations of Thrivent. He is responsible for Thrivent’s network of financial advisors across the country, including career advisors, Thrivent’s national practice group and the Thrivent Advisor Network (TAN). Additionally, he oversees centers of excellence for Advice, Advisor Growth, Practice Growth and Wholesaling, along with Thrivent’s virtual advice, field compensation, strategic execution and Thrivent Investment Management Inc. (TIMI) teams.
Cecere started his career as a financial advisor before becoming a regional and national leader. He spent 25 years with Principal Financial Group and was responsible for Distribution, Operations and Strategic Leadership of Independent Life Brokerage, Principal Advisor Network Distribution, Nonqualified Plan Sales Distribution teams, Relationship Management team, Individual Disability Income Distribution and Relationship Management, Group Benefits Distribution and Relationship Management and Group Benefits Account Management and Service.
He joined Thrivent in 2021 and was promoted to his previous role as Senior Vice President and Chief Distribution Officer in 2022.
Cecere earned a bachelor’s degree in economics from Utica University.
Head of Enterprise Strategy, M&A
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Stephen Friend is Head of Enterprise Strategy and M&A at Thrivent, a Fortune 500 diversified financial services organization.
In his role, Friend is responsible for guiding the Executive Leadership Team’s strategic planning, decision-making and prioritization to drive long-term growth for Thrivent. He oversees the organization’s enterprise strategy and execution, mergers and acquisitions, and serves as chief of staff to CEO and President Terry Rasmussen. In his previous role as vice president of corporate mergers and acquisitions, Friend worked closely with the Executive Leadership Team to develop and execute the company’s strategic priorities.
Before joining Thrivent, Friend practiced corporate law at several national firms, including the New York office of Paul, Weiss, Rifkind, Wharton and Garrison. He spent his career providing financial and legal guidance on mergers, acquisitions, divestitures, joint ventures and more.
Friend has a B.A. from the University of Michigan and a J.D. from Harvard Law School. He serves on the board of directors of the Minnesota Children’s Museum, Wallin Education Partners and College Avenue.
Executive Vice President, Chief Legal Officer, General Counsel and Secretary
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Paul Johnston is executive vice president, chief legal officer, general counsel and secretary of Thrivent, a Fortune 500 diversified financial services organization.
In his role, Johnston leads nine essential business functions that are responsible for ensuring Thrivent delivers on its strategic priorities and maintains a strong and trusted reputation. His team encompasses enterprise legal and compliance (asset management, workforce, commercial & distribution, insurance, shared services), enterprise operations (new business, underwriting, contact center, inforce operations, service operations), government affairs, corporate real estate, procurement and enterprise governance.
Johnston leads efforts to transform the organization’s risk culture to one that promotes and supports smart risk-taking. This involves developing the necessary skills, capabilities and practices to align leaders with Thrivent’s risk tolerances and appetite, ultimately advancing risk culture for the organization.
Before coming to Thrivent in 2006, Johnston was vice president and group counsel at American Express Company/Ameriprise Financial, where he served as corporate secretary for 70 affiliated corporate entities, as well as vice president of government affairs. Previously, he also served as chief counsel for three insurance companies, and risk management counsel and legal officer for affiliated life insurance companies and broker-dealers.
In addition to his corporate experience, Johnston was an adjunct professor of financial services law and regulation at the University of Minnesota Law School, general counsel of a New York-based financial services trade association and a business law associate of a Minneapolis law firm. Johnston is currently President of ALIC (Association of Life Insurance Counsel) and serves on the board of directors for the Northside Achievement Zone in Minneapolis.
He holds a Juris Doctor from the University of Minnesota Law School and a bachelor’s degree from Saint John’s University.
Senior Vice President, Chief Communications Officer
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Greg McCullough is senior vice president, chief communications officer of Thrivent, a Fortune 500 diversified financial services organization.
In his role, McCullough oversees all internal and external communications for the organization and has oversight of Thrivent’s reputation with key stakeholders. Prior to assuming leadership of the Communications team in 2022, he served on the executive leadership team as chief of staff to the CEO.
He has extensive experience as a global digital, marketing and communications executive. Before joining Thrivent, McCullough led corporate marketing for Medtronic, where he directed omnichannel campaign strategy and execution, corporate citizenship and sustainability programs, and marketing partnerships in 160 countries. Prior to Medtronic, he held leadership roles at Fortune 500 companies in several other industries and served as chairman of the Minnesota Campaign Finance and Public Disclosure Board.
McCullough has a B.A. in American culture and an M.S. in journalism from Northwestern University— where he also set four school track and field records. He also holds an MBA from the University of Minnesota and completed the Executive Marketing Program at Stanford University. He serves as a volunteer at the Greater Minneapolis Crisis Nursery.
Executive Vice President, Chief Financial & Investment Officer
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David Royal is executive vice president, chief financial & investment officer and treasurer of Thrivent, a Fortune 500 diversified financial services organization.
As chief financial & investment officer, Royal is responsible for maintaining Thrivent’s ongoing financial strength and stability, ensuring the organization strategically manages its resources to deliver on the financial promises made to clients, generates financial returns, and drives organizational growth.
In his role, Royal oversees all asset management, finance, actuarial, banking, and product and investment solutions for the organization. He is responsible for Thrivent’s financial management and business risk management functions, and corporate mergers and acquisitions. He leads the teams who manage Thrivent’s general account and Thrivent’s award-winning mutual funds, for which Royal serves as a board director. With a focus on providing comprehensive insurance, wealth management, investment and banking solutions, Royal and his team provide Thrivent clients with solutions, programs and advice to help them live lives of service and faith.
Since joining Thrivent in 2006, Royal has held a series of progressive leadership roles within the organization, including serving as deputy general counsel of Thrivent and chief legal officer of Thrivent’s mutual funds, then as president of Thrivent Mutual Funds and—since 2017—as chief investment officer. Before coming to Thrivent, Royal was a partner at Kirkland & Ellis LLP, an international law firm.
Royal also has been an adjunct professor at the University of Minnesota Law School since 2008, where he teaches investment management law. He also serves as a board director and chair of the investment committee for the YMCA of the North and has held a variety of leadership positions at his church.
Royal received his bachelor’s degree from Yale College and a Juris Doctor from Yale Law School.
Executive Vice President, Chief Growth and Generosity Officer
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Carolyn Sakstrup is executive vice president, chief growth and generosity officer of Thrivent, a Fortune 500 diversified financial services organization.
In her role, Sakstrup is responsible for elevating the organization’s brand, delivering an exceptional, integrated client experience, and enhancing generosity offerings. She uses client insights and analytics to advance Thrivent’s transformation into a digital-first, holistic financial services organization and is evolving our generosity strategy to mobilize clients to do even more good in their communities. She has overseen Thrivent’s Follow Your Heart marketing campaign that has engaged audiences across the country, and she guided Thrivent to its milestone of launching 1 million Thrivent Action Teams, client-led volunteer teams that have raised over $1.9 billion for communities across the country.
She has extensive experience from her role with Target as senior vice president of Insights, Strategy and Innovation. She led the development of Target’s long-term strategic agenda, consumer insights-driven annual strategic planning processes, and development of the innovation pipeline to support longer-term growth. Before that, she served as senior vice president of marketing. Prior to her 12 years at Target, Sakstrup spent seven years at McKinsey & Company as a strategy consultant focused on marketing and organizational strategy for clients.
Sakstrup has a bachelor’s degree in Spanish from the University of Minnesota and earned an MBA from Harvard Business School. She serves as board chair of the YMCA of the North in Minneapolis, Minnesota.