T's performance highlight "overall expense management" is a joke. Budgets overran across the board. Let alone many employees received 0% raises while management + execs got raises. What a grift.
Sastry's "attracted top industry talent" its also a joke. Tons of hires who have no clue how to work in a financial industry.
Upendra is a lost fish who can't tell he's in a tree. Focused on patents vs securing TIAA's environment. He couldn't focus on a skyscraper standing in front of him.
The leadership team is exhibiting highly unethical behavior, leading to the organization's rapid decline. Sastry, who oversees 50% of the organization, is exploiting his position by working PST hours from a remote office in Phoenix. He has brazenly hired neighbors and acquaintances into high-paying roles to keep him company in this isolated location. It is outrageous that the board permits and endorses this misconduct from a senior executive while imposing a strict return-to-office mandate on all employees.
I’m moving my money from everything branded TIAA or Nuveen. No way I’m getting caught up in an Enron situation due to leadership’s incompetence.
If this is true that Jose is out, a revolution is going to start at TIAA. He was the only leader on the EC that had a clue on how to run a business. T was threatened by Jose which is the reason why he’s gone if true.
T is like the kings you read about in history books that setup and ki-l popular 5 star generals because those leaders threaten their power.
Jose out today. Place is falling apart.
Since TIAA is private, there is nothing that can be done except for hope the board wakes up before it’s too late. If TIAA was public, shareholders would have been replaced the CEO, Executive Team, and the Board chair.
Agree with earlier comment re: Sastry. Swatee’s AI team is clueless and delivered ZERO. The team is made up of SMD, MDs and many CWs. They are incompetent and have no industry experience. Sastry loves to tell the press and clients that our technology is AI powered and best in class == fake news.
Updendra and Swatee are competing on who can file the most patents.
But what can be done? Our participants deserve better. Talented employees deserve better.
There was an email with voting ballot couple of days back. Any idea what is that about.
Sastry has done nothing but hire his incompetent unqualified friends and overpay them so that they can’t afford to leave and the company can’t financially or reputationally afford to fire them.
I hate this company and this job. I silently quite months ago. I am not the only one. People arent giving it 150% like they used do. So many literally don’t care. And they do not respect this team I can’t promise you that. Those survey results are Bullsh-t. Employees are not valued or respected, just managed like a cog in a wheel. The rest of the industry is laughing their heads off and they don’t take us seriously at all. Million dollar dresses, interns that get treated better than employees. What the actual F.
Associates base salaries were held flat and bonus pools were down for 2023 as the company missed performance to plan. However, EC members got base salary increases of $50K or 9%…above the rate of inflation!! One would have expected that company under performance to plan would have impacted them as well. Disappointing to see this behavior from senior management.
From the same article referenced below:
“ Finally, as I noted last year, TIAA is more likely to approve the packages of overpaid CEOs than most public pension funds. As can be seen in our most recent annual report of the 100 Most Overpaid CEOs, last year TIAA-CREF Asset Management voted against pay at only 9.5% of S&P 500 companies. Perhaps blinded by their own excessively paid executives, TIAA may not recognize as much as its participants how such bloated compensation is critical issue that contributes to income inequality.”
From an article from 2021 regarding Thasunda’s salary and bonus:
“Extraordinarily high targets for bonuses. TIAA notes that the target pay of Brown Duckett’s annual cash award and LTPP award are set at 520% and 780% of salary, respectively. While it is common to measure potential bonuses as multiples of salary, most S&P 500 companies set the target between 150-300%. I cannot recall seeing any bonus target set at 780% of salary.”
https://www.asyousow.org/our-work/ceo-pay/blog/2021/6/30/tiaa?format=amp
Yeah exec comp has always been a joke but it is way, way worse now. I don’t make very much compared to many here but still haven’t had a raise since T was brought on board.
I had to change from a toxic job in one area to a much better one here recently (and HR still couldn’t get me an increase). I still don’t make enough to not be living paycheck to paycheck. I’m going to have to get a second job soon just to get by. I like many others here can’t get my/our “paper right”. Hard to even get by let alone contribute more to retirement.
I love the people I work with and work for but the execs greed and their decisions are ki-ling us. I am very curious to see the survey results of the question regarding being at TIAA in 12 months. Like disregard people fleeing and being laid off - will the company even still exist in 12 months with Execs burning it into the ground?
In their marketing, TIAA always says “We’re different.” “We are a different kind of company.” But whenever they put out a report on the compensation of executives, the theme changes to “our executive compensation is no different than our peers.” “Look at these ten comparable companies, our CEO compensation falls near the middle.”
So when it comes to paying execs, they certainly aren’t a different kind of company, and they never intended to be different.” Furthermore, other companies pay their execs with stock options that have market risk. TIAA execs have no risk in their comp, so it’s all a scam. They know the company is dying. They just wanna cash those huge salary and bonus checks until the gravy train stops.
I want to know who negotiated T's contract. She has run TIAA into the ground. TIAA hasn't been profitable in her tenure. If T is terminated she is owed $42 million. Unbelievable.