Nationwide's Steve Rasmussen to retire

Chloe Teasley
Steve Rasmussen, CEO of Nationwide

Steve Rasmussen, Nationwide’s CEO for 10 years, will retire Oct. 1, the company announced today. The Nationwide Board of Directors, with the support of an adviser, is conducting a search for his replacement.

Rasmussen said in a statement he is proud of all Nationwide has accomplished over the last decade. “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” he said. “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.”

Prior to his appointment as CEO, Rasmussen was president and chief operating officer of the company's property and casualty insurance division. He has been part of the company for 45 years. Under his leadership, Nationwide has seen key acquisitions such as the merger with Harleysville Insurance in 2012 and the purchase of Jefferson National in 2017. He has impacted the Nationwide brand by consolidating brands within the company under the “Nationwide is on your side” tagline. Rasmussen has focused on innovation and emerging businesses to ensure Nationwide is relevant into the future.

During Rasmussen’s tenure, 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. It also has been honored by the National Urban League, Black Enterprise and more. Rasmussen is leaving Nationwide with 30,000 employees and nearly $47 billion in total sales in 2018, making it the region's largest private company by revenue and one of its largest by employment, according to Fortune.

"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 company's 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.

“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.”