Thrivent Financial Inc.’s board of directors elected Bonnie Raquet, a former Cargill Inc. executive who has been on the financial company’s board since 2010, as its first chairwoman.

“This is a monumental moment that we celebrate,” Brad Hewitt, Thrivent’s chief executive, said in a statement.

Raquet succeeded Dick Moeller, who was Thrivent’s chairman for the past five years and is leaving the board after reaching its 12-year term limit.

She began her career as an attorney at Cargill in the early 1980s and eventually rose to become a vice president in charge of corporate affairs, with responsibilities that ranged from government relations to marketing and communications.

Raquet left the agribusiness giant in 2011, a year after being appointed to the Thrivent board.

She previously chaired the board’s church solutions committee and worked on its executive and governance committees. Raquet has also served on various trade-related committees and charitable groups. She’s currently vice chair of the board of directors for Valparaiso University in Indiana.

Thrivent, an investment services firm with roots in Lutheran church denominations, provides financial guidance to more than 2 million customers and manages assets valued at more than $116 billion.

Three other Thrivent directors — Alice Richter, F. Mark Kuhlmann and Mark Jeske — were recently re-elected to new terms.

In addition to Moeller, Allan Spies retired from the board after reaching its term limit.