Russell Investments announced the appointment of a new president and CEO today.

The firm said that its board of directors has named John Schlifske, executive vice president at Northwestern Mutual and a member of the Russell board of directors, as the company’s new president and chief executive officer effective immediately. Schlifske succeeds Craig Ueland who has decided to leave the firm. Mike Phillips remains chairman of the board.

“I’ve known John for more than 10 years. He knows Russell extremely well and has always been a great advocate for this company,” said Phillips. “We are fortunate to have someone of John’s seniority taking on this role which clearly demonstrates the support of Northwestern Mutual to lead our future success. I and the board have complete confidence in his ability and that of the Russell leadership team.”

Schlifske most recently was responsible for all aspects of Northwestern Mutual’s investment products and services business, including annuities, mutual funds, advisory products and the Northwestern Mutual Wealth Management Company. As part of these responsibilities, Schlifske also served as CEO of Northwestern Mutual Investment Services, the firm’s broker-dealer.

“I am honored to have an opportunity to lead such a talented and globally preeminent organization,” said Schlifske. “I am committed to continuing Russell’s already strong growth, while maintaining the values that have brought us to where we are today. I am even more optimistic about Russell’s future than I was when the companies came together in 1999.”

The Russell board will conduct a search that includes internal and external candidates for a CEO to succeed Schlifske, who is expected to return to Northwestern Mutual after this assignment. There is no timetable established for the search.