The
man who has led this successful spin-off is James M. Cracchiolo who sits as chairman and CEO of
the company. There are many challenges facing a company when it becomes independent.
One of them is brand awareness. Brand
awareness was one of the top concerns of Cracchiolo and he believes the company
has successfully created its own brand which has helped it to stand on its own.
The
strength and soundness of the company that Cracchiolo leads was proven in 2008
when Ameriprise declined around $2.5 billion in federal bailout money offered
to it as part of the Troubled Asset Relief Program of the U.S. government
during the subprime mortgage crisis.
Ameriprise
serves the financial planning requirements of the mass affluent and the
affluent. Under Cracchiolo’s stewardship the company acquired Columbia
Management’s long-term asset management business from Bank of America Corp. for
$1.2 billion in May 2010. This deal made Ameriprise the eight-largest manager
of long-term mutual funds in the U.S. He
has also been leading the company’s foray into India.
Cracchiolo
was born in 1958 and earned both his bachelor’s degree in accounting and
economics and master’s of business administration degree in finance from New
York University Stern School of Business. He is also a licensed CPA in New York
State.
Before
leading Ameriprise to the path of independence Cracchiolo was an American Express
insider having been
executive vice president and CFO of Shearson Lehman Brothers from 1990 to 1993
when it was a unit of American Express.
He then became senior vice president of TRS Quality, Global
Reengineering from 1993 to 1997. Cracchiolo rose through several more senior positions
until his last post as Group President of American Global Financial Services
from 2000 to 2005. Since 2003 he has also been the Chairman of Threadneedle
Asset Management Limited.
On
the socio-civic side Cracchiolo serves on the Board of Advisors to the March of
Dimes Foundation. 
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