Nationality American Role Executive Name Edward Zore | Children 2 Spouse(s) Married | |
Born 1945 Milwaukee, Wisconsin Occupation Chairman and former CEO of Northwestern Mutual Education University of Wisconsin–Milwaukee (1970), University of Wisconsin–Milwaukee (1968) | ||
Edward J. Zore (born 1945) is the former president and CEO of Northwestern Mutual and current chairman. He became Northwestern Mutual's 16th president on March 31, 2000 and chief executive officer on June 1, 2001. Zore joined Northwestern Mutual investment department in 1969. He served as the company's Executive Vice President, Chief Financial Officer, Chief Investment Officer and trustee of Northwestern Mutual. He was inducted as an honoree of the SMEI Academy of Achievement in 2003, and was named among the 100 most influential people in business ethics in 2008. Zore retired from Northwestern Mutual CEO on June 30, 2010. He was succeeded by John Schlifske.
He is a former chairman of the board of the American Council of Life Insurers, and an honorary board member of the Million Dollar Round Table Foundation. He is also an advisory board member of the Millstein Center for Corporate Governance and Performance at the Yale School of Management.
Zore obtained his B.A. and M.A. in Economics from the University of Wisconsin–Milwaukee.
Pre-1985 NML Annuity Class Action
In a March 6, 2011 court decision against Northwestern Mutual, Reserve Judge Dennis Flynn, of Racine, found testimony of retired Northwestern Mutual CEO Ed Zore "not credible."
"His answer to the conundrums faced by Northwestern Mutual was to tell lies and manufacture reality," Flynn wrote.
The judge determined Northwestern Mutual Life Insurance Co. breached its contracts with thousands of annuity holders when it unilaterally changed how dividends were paid on some annuities sold before 1985, a decision that could expose the company to hundreds of millions of dollars in damages.
In a 97-page decision, Flynn found the company also breached its fiduciary duty and duties of good faith, fair dealing and loyalty during the switch.
"Intentional and repeated concealment of wrongdoing over a period of a quarter century took place," Flynn wrote.