TIAA-CREF has promoted chief investment officer Scott C. Evans to executive vice president of a newly created asset management unit and chief executive officer of the New York company's Teachers Advisors Inc. and TIAA-CREF Investment Management.

Evans' promotion was announced Tuesday. He will develop investment products and oversee the company's more than $370 billion of assets under management. The asset management unit was formed by combining TIAA-CREF's investment management capabilities with its sales, product development and support service resources.

Evans was named chief investment officer in 2003. Before that he had run the CREF Investments subsidiary.

Edward J. Grzybowski, the head of investment services since 2003, succeeded Evans as the parent company's investment chief.

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