The California Public Employees’ Retirement System will conduct first-round interviews with candidates for the fund’s vacant CIO position next week, according to the fund board’s meeting agenda. A five-member subcommittee charged with selecting the new CIO will meet from January 17 through 19, with interviews conducted on the second and third days.
The first day of subcommittee meetings will include Dore Partnership, CalPERS’ search consultant, providing an overview of the candidates during a closed-door session.
The position of CIO has been vacant since Nicole Musicco’s resignation in September 2023. Dan Bienvenue has served as interim CIO.
According to a board agenda item from November 2023, the fund planned for first- and second-round interviews to be conducted in early 2024, which lines up with next week’s meeting. The fund plans to have final candidates meet the board and set a candidate appointment date early this year.
According to CalPERS’ published interview process, second-round interviews will be held with the full board, with final candidate selection happening after, followed by a background check and appointment.
The new CIO will lead the investment of CalPERS’ $462.8 billion portfolio, the largest public pension fund in the U.S., and will be the fourth person to hold the job on a long-term basis in less than 10 years, following predecessors Ted Eliopoulos (2014-18), Ben Meng (2019-21) and Nicole Musicco (2022-23).
CalPERS could have some crosstown competition for talent, with the California State Teachers Retirement System announcing its CIO Chris Ailman will retire June 30. The CalSTRS board will form a committee to immediately search for a new CIO to replace Ailman.
Related Stories:
CalPERS Selects Executive Search Firm to Identify New CIO
CalPERS CIO Nicole Musicco Will Step Down
CalPERS Interim CIO Dan Bienvenue Joins CAIA Board
Tags: California Public Employees’ Retirement System, CalPERS, Dan Bienvenue, Dore Partnership