Kathleen Lutito, Lumen Technologies CIO, to Retire in May

Flora Hedrick will be the new CIO.



Kathleen Lutito, president and CIO of Lumen Technologies’ corporate defined benefit plan, CenturyLink Investment Management, will retire effective May 3, a spokesperson for the company told CIO. When Lutito retires, she will have been at the company for 27 years.

As of December 31, 2023, Lumens defined benefit plan had 24,000 active employee participants, 55,000 active and retired employees eligible for healthcare benefits, and 28,000 retirees and former employees with vested pension benefits, according to the company’s most recent 10-k. Lumen’s defined benefit plan currently has $25 billion in assets.

“[Lutito], and her team has managed assets ranging from $11-25 billion across multiple employee benefit trusts and provided mentorship across the company and the industry. She will be sorely missed as she makes time to serve on various boards and enjoy traveling and spending more time with family and friends.” the spokesperson said.

In the role, Lutito will be succeeded by Flora Li Hedrick, who is currently the head of private investments at MissionSquare Retirement.

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Lutito and Lumen Technologies/CenturyLink Investment Management were honored by CIO at the 2021 Industry Innovation Awards, winning in the category of corporate defined contribution plans. She is also a member of CIO’s Power 100 list.

“Markets and the industry are evolving much faster than they have in the past,” Lutito told CIO in 2021. “We’re getting more data than we ever have; technology is making everything move faster as well. When I look to the future, the role of the CIO is going to be more important than it ever has been because it will be up to the CIO to look at all of the innovations and all of the wobbles and make a decision.”

Lutito began her career at the Colorado Public Employees Retirement System, and later worked at Denver Investment Advisors, where she was a portfolio manager. She holds a Bachelor of Arts in Business Administration and Management from Western Colorado University and a master’s in finance from the University of Colorado, Denver.

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CalSTRS to Hold Second Round CIO Interviews at the End of April

The fund expects to have a candidate named by July.  



The California Teachers’ Retirement System will host a second round of interviews for its CIO position next week, April 30, according to the pension fund’s board meeting calendar. CalSTRS has said it hopes to announce a candidate to replace longtime CIO Chris Ailman sometime before July. 
 

The fund has narrowed its search to two finalist candidates, a spokesperson for CalSTRS told CIO. The teachers’ retirement system board’s search committee will interview both finalists next week.  

Ailman, who has been CIO of CalSTRS for more than 20 years, will step down from his position at the end of June but will remain in an advisory role to his successor until the end of 2024. Ailman has said that after he leaves CalSTRS he plans to continue his work advising asset managers on the energy transition.  

CalSTRS managed $336.2 billion in assets as of March 31, 2024, for nearly one million beneficiaries.  

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