TIAA-CREF transition to new service platform

In the wake of service complaints, delayed transactions and other technical shortfalls, TIAA-CREF CTO Sue Kozik was fired as she attempted to transition an old rigid transaction processing system to a new more flexible system, sources told eWeek. The company has hired Peter Murphy as the new acting CTO to replace her and is mounting a full court press to convince clients (which represent both individual and institutional investors) that their IT systems are worthy of their confidence. "The transition itself is complex. We needed to move quickly to the new platform while carefully adhering to hundreds of specific rules in tens of thousands of different retirement plans for about 15,000 institutions. We undertook detailed and careful advance planning for the transition as well as for an ongoing series of enhancements…However, the complexity of this undertaking did lend itself to unforeseen issues. In some cases, delays have resulted from the strains placed on our existing processes and staff," said a spokesman. 

For all the details:
- read the article in eWeek