Nationwide’s Eric Henderson set to step down

The president of the financial giant’s annuity business is exiting at the end of 2024, capping off a transformative four-decade career.

Nationwide, the financial product provider and retirement industry giant, has announced a the retirement of a key person in its leadership.

Eric Henderson, president of Nationwide’s annuity business, said he will retire at the end of 2024, concluding a notable 39-year career with the company.

Henderson has been at the helm of the annuity division since 2007 and assumed the presidency in 2019, guiding the unit through periods of significant growth and challenge.

Under Henderson’s leadership, Nationwide’s annuity business has seen a series of innovations aimed at aligning the business with evolving consumer needs and enhancing digital and technological capabilities. These efforts, the firm said, have improved interactions with partners and customers while fostering disciplined management of the product portfolio and pricing strategies.

“Throughout his career, Eric has displayed tremendous resiliency and courage to successfully manage risk and lead teams through challenging economic conditions and turbulent markets,” John Carter, president and COO of Nationwide Financial, said in a statement.

He highlighted Henderson’s strategic shift during the pandemic to focus on fixed annuity products, when other companies were downsizing or exiting certain business lines. That against-the-current thinking led to nearly ten billion dollars in sales in 2023 alone, Carter said.

“Outcomes like this are indicative of Eric’s entire career in which his team helped us grow market share, contribute more profit to the broader Nationwide enterprise and become widely regarded as one of the top annuity providers in the industry,” he added.

Henderson’s journey with Nationwide began in 1985 as an actuarial assistant. Over the years, he climbed through the ranks, significantly expanding the company’s annuity business, which under his direction, reportedly generated 150 billion dollars in sales from 2007 to 2023.

John Carter also commented on Henderson’s leadership style: “A hallmark of admired leaders is their ability to recruit and develop high-performing leadership teams and organizations,” noting that Henderson has formed a competent and inclusive team poised to lead the annuity business forward.

As Henderson prepares for a new life chapter with his family, Nationwide said it has kicked off a search for his successor, considering both internal and external candidates. Henderson will remain active in his role to facilitate a smooth transition to the new leadership.

“We’ll take some time this year to celebrate Eric’s tremendous contributions to Nationwide,” Carter said, highlighting Henderson’s career-long commitment to “helping more Americans achieve a secure retirement.”

In addition to his professional achievements, Henderson has served on several boards, including the Insured Retirement Institute, LIMRA Annuity Executive Advisory Board, and local community organizations such as the Central Ohio Salvation Army and the BalletMet Board of Trustees.