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CalPERS interviews CFO candidates

Management-consulting firm Korn Ferry is assisting with the search for the new CFO, as well as the pension system’s search for a chief investment officer.

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Calpers, private equity, pension fund
Calpers headquarters in Sacramento, California, Oct. 21, 2009. REUTERS/Max Whittaker
  • Assets under management: $357.4 bln
  • PE target allocation: 8 pct
  • Why this is important: Largest pension in US hiring senior executives

California Public Employees’ Retirement System expects to hire a new chief financial officer in the next 30 to 60 days, after the $357.4 billion pension system’s previous CFO left the post in May under unclear circumstances.

The retirement system is interviewing finalists but did not disclose how many. Management-consulting firm Korn Ferry is assisting with the search for the new CFO, as well as the pension system’s search for a chief investment officer.

Current CIO Ted Eliopoulos plans to leave the retirement system at the beginning of 2019, saying family reasons require him to relocate to the East Coast.

The CFO is responsible for accounting and financial reporting, not investments, and the position does not depend on the CIO position being filled, CalPERS spokesman Wayne Davis said.

In May, CalPERS said its previous CFO, Charles Asubonten, was “no longer with” the largest U.S. public pension system. Asubonten, who resigned from the system, joined CalPERS in September 2017.

The position requires a successful candidate “be a seasoned and respected professional with at least 10 years of experience in a large pension fund or financial institution managing complex financial operations,” according to the job posting.

The salary range is between $217,500 and $362,500, with the opportunity to earn an annual performance award of up to 40 percent, according to the posting.

Update: This story was updated to clarify that Charles Asubonten resigned from Calpers.