The California State Teachers’ Retirement System’s search committee will meet in closed session on April 11 and begin interviewing candidates for the CIO role, according to the pension fund’s board meeting agenda.
CalSTRS began its search for a new CIO earlier this year, following the announcement that longtime CIO Chris Ailman will retire on June 30 after more than 20 years as the fund’s CIO. Ailman will remain as an adviser to the new CIO until the end of 2024.
According to a CalSTRS spokesperson, this will be the first round of interviews, and the full board will conduct an additional round of interviews with finalists in late April or early May. According to the spokesperson, the board expects to select its new CIO before July.
CalSTRS manages $331.4 billion in assets, as of February 29, and is the second-largest public pension fund in the U.S., behind only to California Public Employees’ Retirement System, which recently announced its new CIO, Stephen Gilmore, after a search that began in October 2023.
According to the job posting for the position, CalSTRS seeks a candidate with a minimum of 10 years of experience in investment management, a track record of successful asset allocation, and a track record of creating and executing long-term investment plans that align with an organization’s strategic goals and objectives. The salary range for the CIO role is listed from $408,000 to $612,000, with a maximum of a 200% performance based bonus.
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Tags: California Teachers’ Retirement System, CalSTRS, Chris Ailman