Stephen Sexauer, investment chief at the San Diego County Employees Retirement Association (SDCERA), took over as interim chief executive this month as the board searches for a new leader.
The changeover comes as former CEO David Wescoe, who started as a volunteer at the pension fund five years ago, moves on to a private sector opportunity. A job posting for the executive position listed requirements for at least five years leading a public or private pension plan. The job comes with a $175,552 to $323,315 annual salary.
Meanwhile, Sexauer said he plans to continue his role as investment chief during the search and will fully return to his position after a new chief executive is hired, according to a release.
“Steve is not only the best CIO in the country, he is also an experienced manager with great strategic and operational skills,” Wescoe said in a statement. “He will be a great leader for SDCERA.”
Sexauer took over as investment chief in 2015, when the fund was transitioning away from outsourced CIO Salient Partners.
The investment chief has since grown the fund to about $12.9 billion in 2019, up from $10.6 billion when he started. The fund is roughly 76% funded.
Before joining the San Diego pension fund in 2015, Sexauer managed a $7 billion multi-asset portfolio at Allianz Global Investors, where he was also investment chief.
Previously, he was in charge of sales at Salomon Brothers, where he was vice president.