(February 27, 2014) — Joe Dear, the CIO of the $277 billion California Public Employees’ Retirement System (CalPERS), has died, aged 62.
The much-respected Dear had been battling prostate cancer for some time, and had taken the decision to go on leave earlier this year.
Dear had served as CIO of the largest public pension fund in the United States since 2009. Prior to this role, he was the executive director for the Washington State Investment Board, chief of staff for Washington State Governor Gary Locke, and served as assistant secretary of labor at the Occupational Safety and Health Administration of the Clinton Administration.
“It is with tremendous sadness that CalPERS announces the passing of Joseph A. Dear, our Chief Investment Officer,” CalPERS said in a statement.
“Words cannot express the loss that the CalPERS family feels at this time. Joe was an invaluable member of the CalPERS executive team, an incredible leader of the investment office and a good friend to all those who knew and worked closely with him.
“We will miss Joe, his passion for excellence in performance and his sharp wit and humor. Our heartfelt thoughts go out to Joe’s wife, Anne Sheehan, and his children, Annie and Ben.”
CalPERS went on to describe Dear as a dedicated public servant, praising him for his role in guiding the pension fund to recoup all of its losses from the 2008 financial crisis and helping it to reach more than $283 billion in assets at its peak.
Ted Eliopoulos will continue as the acting CIO until the CalPERS Board of Administration makes any announcements about a search for a new CIO.
Services will be held in Sacramento, California and in Olympia, Washington, though further details were pending at the time of writing.
The Dear family has asked that donations be directed to the Joseph A. Dear Memorial Scholarship Endowment at The Evergreen State College Foundation in lieu of flowers.
The entire aiCIO staff would like to convey its sincerest condolences to the Dear family and his colleagues at CalPERS.
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