Mutual of America Announces CEO Transition

NEW YORK, July 18, 2024—Mutual of America Financial Group (“Mutual of America” or “the Company”), which specializes in providing retirement services and investments to organizations and individuals, today announced Stephen Rich, current Chairman and CEO of Mutual of America Capital Management (“Capital Management”), the investment arm of Mutual of America Financial Group, has been appointed Chairman of the Board, Chief Executive Officer (CEO) and member of the Board, effective immediately. Rich succeeds John Greed.

“Stephen brings extensive leadership and industry experience, and a dynamic vision to lead the Company into this next chapter,” said Wayne Frederick, lead independent director of the Mutual of America Board of Directors. “We have full confidence in Stephen and the senior leadership team to further establish Mutual of America as the country’s premier retirement provider.”

Rich has over 33 years of financial services experience and prior to joining Capital Management, held various leadership positions across equity departments at JP Morgan Investment Management. At Capital Management, Rich successfully grew the organization to $29 billion in assets under management.

“I am honored to be named Chairman of the Board and CEO of Mutual of America,” said Rich. “I’ve spent more than 20 years at the company, working closely with our Board of Directors, and I look forward to partnering with our talented team to strengthen the business, provide dedicated service to our valued clients and deliver on our mission to help individuals save for a financially secure future.”

Joseph R. Gaffoglio, current President, will assume the role of CEO of Mutual of America Capital Management. With more than 29 years of investment experience, Gaffoglio oversees management of the MoA Funds Asset Allocation and Clear Passage Funds, as well as the large cap portions of the MoA Balanced Fund.

Stephen Rich Biographical Details

Stephen Rich has over 33 years of investment management experience and prior to joining Capital Management, served as Vice President at JP Morgan Investment Management, holding leadership roles in the Large Cap Structured Equity and the Small Cap Active Management groups. From 1999 to 2001, he served as Director, Senior Portfolio Manager, at Citigroup Asset Management. In 2001, Rich rejoined JP Morgan Investment Management as Vice President, Senior Portfolio Manager, responsible for the Active Small Cap Value Group, until he joined Capital Management in 2004. Rich is a graduate of Princeton University and has an MBA from New York University’s Stern School of Business.

Joseph R. Gaffoglio Biographical Details

Joseph Gaffoglio joined Capital Management in 2005 and has 29 years of investment experience. Prior to joining Capital Management, he worked as an Associate Quantitative Analyst at Prudential Equity Group, LLC, and as a Senior Associate at PwC. Gaffoglio is responsible for management of the MoA Funds Asset Allocation and Clear Passage Funds, as well as the large cap portions of the MoA Balanced Fund. Gaffoglio is a graduate of Fordham University. He has an MBA from New York University’s Stern School of Business and holds the designations of Chartered Financial Analyst and Certified Public Accountant. He is also a member of the CFA Society of New York and the CFA Institute.

About Mutual of America Financial Group

Mutual of America Financial Group is the trade name used by Mutual of America, a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services at a competitive price, along with outstanding personalized service, to help our customers build and preserve assets for a financially secure future. Our mission is built upon our values—integrity, prudence, reliability, excellence and social responsibility—which have guided us since 1945 and continue to serve us and our customers well. For more information, visit mutualofamerica.com, and connect with us via Facebook and LinkedIn.

About Mutual of America Capital Management LLC

Formed in 1993, Capital Management is an SEC-registered investment adviser and an indirect, wholly owned subsidiary of Mutual of America Life Insurance Company, focused on serving the growing investment needs of institutional clients. Today, Capital Management manages approximately $28 billion, and offers 28 funds with an array of asset classes and objectives, including equity, fixed income, international, asset allocation and target-date funds.

SOURCE Mutual of America Financial Group