Jim Fulton Named CEO of Milliman

Jim Fulton

Milliman Inc., a global consulting and actuarial firm, announced Thursday the promotion of Jim Fulton to CEO. Fulton has served as Milliman’s chief financial officer since 2015 and has worked on the firm’s strategies for growth, both organically and via mergers and acquisitions.

“In the 11 years I’ve served as the firm’s financial leader, I’ve come to know Milliman’s remarkable people,” Fulton said in a statement. “I’ve seen how our talent and commitment to clients continue to be our differentiator. I’m looking forward to helping shape Milliman’s future as we continue to grow and evolve.”

Fulton’s experience with accounting, private-equity-owned firms and technology startups “reflects Milliman’s evolution from an actuarial firm to a multidisciplinary consultancy, risk management and technology solution provider,” according to the company’s announcement.

The outgoing CEO, Dermot Corry, is retiring after five years of leading the company and a 44-year career. In a statement, Corry said it was an honor to serve as Milliman’s CEO and that he “couldn’t be more excited for Jim as he assumes the CEO role.”

Fulton has more than 30 years of experience as an executive and certified public accountant. He began his career at PwC and then was the chief financial officer at and a partner in accounting firm Crowe. From 2011 to 2015, Fulton worked for a small venture capital firm at the University of Notre Dame’s Innovation Park, helping launch tech and data analytic startups.

Fulton is a graduate of Indiana University in Bloomington, Indiana.

In June, Empower Retirement LLC acquired Milliman’s retirement administration business for a total consideration of $340 million. More than 800 Milliman employees joined Empower’s retirement and administration services, but Milliman retained its retirement and healthcare actuarial consulting business.

Jeremy Engdahl-Johnson, Milliman’s senior director of global communications, said that the company exited retirement administration “based on a recognition that the business needed to scale to compete,” and that Fulton was “integral” to that transaction.

In April, Milliman launched its first two exchange-traded funds, which are actively managed and designed to help investors hedge the rising cost of healthcare.

Engdahl-Johnson said Milliman “remains fully committed to its retirement business” and will continue to provide actuarial consulting to corporate, multiemployer and public pensions and retiree healthcare consulting to employer clients.