The $336 billion California Public Employees’ Retirement System (CalPERS) announced Charles A. Asubonten as its CFO to oversee its financial systems and risk programs.
With more than 20 years of experience in various facets of finance and investments, Asubonten will begin his position on October 2, reporting to Marcie Frost, CalPERS’s CEO. Prior to his appointment, Asubonten was the managing director in a private equity firm.
“As the pension conundrum continues to pose challenges for plan sponsors globally, working at a pension fund is akin to fulfilling a sacred obligation, as sponsors work to identify strategies to meet the promised benefits to retirees and beneficiaries, engendering security and dignity,” Asubonten said in a statement. “Under Marcie’s leadership and working with the board, we shall deploy all the optimal financial tools to deliver pension and other benefits for those who serve California.”
Marlene Timberlake D’Adamo, who had been serving as interim CFO, will return to her previous position as CCO as a direct report to Frost. D’Adamo will also be part of the executive leadership team.
“Charles’ strong leadership capabilities and experience demonstrate his ability to manage CalPERS’s complex financial operations that will benefit the fund over the long term,” Frost said in a statement. “As CFO, Charles will continue to move CalPERS forward and help identify new and innovative finance strategies that will strengthen our financial position.”