Business Journal: PERS Chief To Step Down
The nation’s largest public pension fund is looking for a new chief investment officer.
Thursday, April 24, 2008
The California Public Employees’ Retirement System’s chief investment officer will step down from his position on June 30, two years after joining the mammoth pension fund based in Sacramento. Russell Read, who helps oversee the $244 billion asset CalPERS, announced his resignation Wednesday. CalPERS has a far-reaching effect on publicly traded companies and Wall Street, with its investments and recommendations – and even some of its critical comments. Read plans to pursue his passion in organic chemistry, clean technology and environmental investing. He kept his position as socio-economic adviser for the Forest BioProducts Research Project at the University of Maine, which seeks to find economical and environmentally sustainable fuels from wood products. The CalPERS board will discuss the soon-to-be vacant chief investment officer position at an upcoming meeting.