Anne Stausboll, CalPERS’ outgoing CEOThe California Public Employees’ Retirement System (CalPERS) will lose its CEO effective June 30.
Anne Stausboll, who has led the $275 billion fund since January 2009, has announced her retirement.
“It has been an honor and privilege to serve CalPERS, our board and staff, and the public employees who serve California,” she said in a statement. “I am proud of our progress and ready to explore the next chapter of my life.”
During her tenure, CalPERS overcame a 30% asset loss following the financial crisis, a bribery scandal involving ex-officials and Stausboll’s predecessor, and ultimately the death of former CIO Joe Dear.
CalPERS commended the outgoing CEO’s leadership in bolstering the fund’s “ethics, transparency, and internal controls through governance and operational improvements.”
“CalPERS is a better organization because of Anne,” said Rob Feckner, president of the board. “She led us through a difficult period, and we have emerged as a more accountable, transparent, and smarter institution.”
Her efforts include placement agent reform, implementing risk mitigation and asset liability management policies, and incorporating environmental, social, and governance factors into the portfolio.
Assets grew from $170 billion to $275 billion under Stausboll, according to the fund.
CalPERS said its board will conduct an “immediate search” for Stausboll’s replacement.
Most recently, the Sacramento-based fund made headlines by announcing $217 million in savings over the fiscal year ending June 30, 2015, by cutting its hedge fund program.
The pension recorded a lower than expected return of 2.4% in 2015, bit its three- and five-year returns exceeded targets for the first time since 2007.
Related: CalPERS’ Hedge Fund Cull Helped Save $217M & CalPERS: $3.4B Fees, $24B Gains from Private Equity