CalPERS Prepares for 2nd Round of CIO Interviews

Following two days of first-round interviews in January, the California Public Employees’ Retirement System will hold a second round of interviews for its vacant CIO position later this month, according to the fund board’s meeting calendar.

The calendar has second-round interviews scheduled for February 28.

The largest pension fund in the U.S. has been without a CIO since Nicole Musicco’s resignation in September 2023, after 18 months in the position. The fund’s CIO has been something of a revolving door, with three different CIOs in the last 10 years.

CalPERS Deputy CIO Dan Bienvenue is serving as acting CIO, as he did from 2020 into 2022 following the resignation of the prior CIO, Ben Meng.

CalPERS is moving more quickly than in its previous search, which took more than a year to reach second-round interviews in December 2021. In recent board meetings, CalPERS staff stated they want to identify a candidate in the first quarter of 2024.

The interview committee members, who will meet with each candidate, include CEO Marcie Frost and board members, according to the fund’s interview process documents. After the second round, the next steps will be final candidate selection, then a background check followed by the appointment of the new CIO.

A CalPERS spokesperson said the fund had no further comments on the hiring process.