#2 at the world's largest retirement fund: TIAA-CREF President Tom Jones is poised to join corporate America's elite club of chief executives - Teachers Insurance and Annuity Association-College Retirement Equities Fund - includes biographical information

Black Enterprise, June, 1994 by Caroline V. Clarke

Given the savings and loan and junk bond scandals of the time, insurance agencies were under siege. Real estate was sinking, taking some agencies with it, and customers everywhere were growing tense. TIAA-CREF, with one of the nation's largest portfolios of real estate and junk bonds, had to do something.

"Shareholders need independent evaluations and validations of a company's strength, rather than just hearing a company toot its own horn," says current CFO Dick Gibbs, who was a vice president under Jones at the time. "His foresight in that area proved crucial to us," Gibbs adds. Today, TIAA-CREF is one of only four life insurance companies with Triple-A ratings from all four top ratings agencies. Says Gibbs, who still reports to Jones, "Tom gained respect from the outset by deeds. He's incredibly knowledgeable and has the ability to tackle and explain complex issues in an easily understandable way. He's extraordinary on both ends of the spectrum--the big picture and vision, as well as the fine points You don,t see many managers who are great on both."

Nevertheless, some staffers are overwhelmed by the process of getting Jones the information he demands. "The paperwork required is unbelievable," complains one staffer who requested not to be identified. "As we continue to reorganize into more flexible, decentralized business units, our senior management team, which is dominated by accounting types, relies heavily on reports to stay in touch." (Jones, who is a C.P.A., reports to Chairman and CEO John Biggs, an actuary by training.)

Despite a penchant for numbers, being effective, Jones insists, is not about being the smartest person, or always having the right or best answer. "It's about getting the best out of other people, creating harmony, cooperativeness and a sense of purpose."

Mark Wright, second vice president, pension and annuity services, and Washington, D.C., branch office manager, says Jones does just that. "I've been around here for 15 years and have reason to be jaded, but I've sat in meetings with him and I feel uplifted. I see it in other peoples faces--the pride, the good feelings, the belief that what TIAA-CREF is doing is not just right, it's good. The bottom line for motivating people is getting that kind of buy-in. He gets it."

But JONES-AT-A-GLANCE

Current: At 45, Tom Jones is president and thief operating officer of TIAA-CREF a $130-plus billion pension fund institution. Hand-picked by TIAA-CREF chairman emeritus Cliff Wharton as thief financial officer five years ago. Director of Eastern Enterprises and Thomas & Betts Corp. Member of the Board of Overseers of Cornell University Medical College and a trustee of The Brookings Institution.

Roots: Youngest of four children. His father was a minister/nuclear physicist. Married twice, currently to the former Adelaide Knox. Two children, ages 5 and 25.

Education: B.A. and M.A. degrees from Cornell University. M.B.A. from Boston University.

Lifetime Philosophy: "Other won't define me. I define me!"