Forestry dropout a natural financier: Northwestern Mutual Life's CEO honored as business leader of the year

Forestry dropout a natural financier: Northwestern Mutual Life's CEO honored as business leader of the year

(Milwaukee Journal Sentinel, The (KRT) Via Thomson Dialog NewsEdge) Apr. 20--When Edward J. Zore was a freshman at the University of Wisconsin-Milwaukee, the idea of walking into work each day between the stone columns of Northwestern Mutual Life Insurance Co.'s stately world headquarters wasn't part of his career vision.

Note: I guess Mr.Zore like those green places where you could relax even though you are working.

Rather, he pictured himself walking between the tall trees of Wisconsin woodlands.

"When I started college, I really wanted to be a forester," Zore said. "My first semester at UWM, I took pre-forestry, and that was like botany, chemistry, calculus, physics. And I thought, 'I don't want to be a doctor, I want to be a forester.' And then I stumbled into an economics course, which I found not only easy, but very interesting."

Note: Mr. Zore wanted to be a forester. But then he accidentally stumbled into an economics course where he somehow found as one of his likes.

The rest, as they say, is history. Zore pursued economics, landed a job in the investment unit of Northwestern Mutual in 1969 and worked his way to the top at one of the world's most revered financial services companies.

Note: Mr. Zore thought that he would pursue being a forester, but most likely he ended up taking the economics course and make it big on that industry.

On Thursday, Zore, who has been chief executive of Northwestern Mutual for seven years, will be honored by the Harvard Business School Club of Wisconsin as its 2007 Wisconsin Business Leader of the Year.

Perhaps no company is more crucial to Milwaukee's economy -- Northwestern Mutual provides 5,000 local jobs, along with civic and financial investments.

Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce, called Northwestern Mutual, which has assets of $157 billion and $21 billion in annual revenue, the flagship of Milwaukee firms.

"It's the flagship of the fleet," Sheehy said. "Northwestern Mutual's CEO is the fleet admiral in this community. And I think Ed has taken the strong presence that Northwestern Mutual has and he has given it a sharp, crisp voice in this community."

That voice includes a constant push for a better-educated work force and support of nonprofit organizations and institutions that enhance Milwaukee as a place to live and work.

"The whole educational scene is something that's very important, not only for the community, but for everybody," Zore said. "We're transitioning from the old economy to the new economy here in Milwaukee, and we've got to make sure we are producing people who are trained and educated."

Among other civic roles, he is chairman of the Greater Milwaukee Committee and a board member of Children's Hospital of Wisconsin Inc., Froedtert Health System and the Medical College of Wisconsin.

Zore says civic involvement comes with the turf when you are CEO, especially at a strong company such as Northwestern Mutual. Last month, Northwestern Mutual was named "America's Most Admired" insurance company nationwide for an unprecedented 25th consecutive year by Fortune magazine.

In 2007 -- its 150th year in business -- it topped $1 trillion worth of life insurance in force. At the same time, it has continued expanding its product offerings and its suburban Franklin facility.

Note: Because of good management Zore expanded his management to almost its fullest.

"We have moved from being an insurance company to being an integrated financial security company," he said.

Among Northwestern Mutual's traits, Zore said, is being innovative but extremely disciplined, especially when it comes to deciding where to invest about $1 billion in cash flow every month. He still loves investments, even in turbulent markets such as the current one.

"In markets like this when everything seems to be falling apart, there are tremendous opportunities," Zore said.

Zore said he developed his leadership skills by watching people he admired -- starting with his parents while he was a boy in West Allis, and later, in business. The key to leadership, he said, is to surround yourself with good people, point them in the right direction and then give them latitude to develop professionally and do their jobs.

"The job of leader, in my opinion, is to help people accomplish things," Zore said.

That's what he's been doing as the top executive at Northwestern Mutual since 2001. But it doesn't mean Zore has put aside his love of the outdoors. In his free time, he enjoys hunting, fishing and boating.

"I'd still rather go and walk around the woods than do just about anything," he said.