CalPERS Seeking New Talent

The California Public Employees’ Retirement System (CalPERS) announced yesterday its search for a senior portfolio manager to lead its corporate governance operations. Dennis Johnson, billed as the company’s corporate governance director, stepped down from his position in July, leaving senior investment officer of global equity Eric Baggesen as his interim replacement. The new portfolio manager will report to Baggesen.

The open portfolio management position at CalPERS requires its steward to represent the pension fund in matters relating to corporate governance, which includes negotiating proxy votes and advising the governance practices of those companies in which CalPERS invests. Korn/Ferry International has been tapped to help lead the search.

“We’re looking for a first-class corporate governance expert and leader to drive our global agenda, “said Anne Stausboll, interim chief investment officer. “An experienced, resourceful visionary could help us bring about substantial improvements in corporate governance practices leading to greater performance and shareowner value.”

CalPERS has a number of current or impending vacancies in its upper levels of management. In addition to the vacancy left by Johnson, the pension fund is in search of a new chief executive after Fred Buenrostro announced that he would retire at the end of the year. Buenrostro will be replaced by interim CEO Kenneth W. Marzion until a permanent replacement can be found.

The fund is also on the lookout for a new CIO, after Russell Read stepped down from that position in April. Stausboll will remain interim CIO until a replacement is found.