CalPERS on the hunt for new CFO

The $311bn pension fund’s former CFO left last month for a similar position at her alma mater in British Columbia.

California Public Employees’ Retirement System (CalPERS) has launched recruiting efforts to find a new chief financial officer, sister publication pfm has learned.

The $311 billion pension fund, which allocates $26 billion to private equity and has previously sold large private equity and real estate portfolios on these secondaries market, hired recruiting firm Heidrick & Struggles in New York to find a replacement for its former chief financial officer Cheryl Eason, a job posting on its website indicated.

According to a CalPERS spokeswoman, Eason left the Sacramento-based pension fund on 10 February to return to her home country Canada to be vice-president and CFO of her alma mater Royal Roads University in Victoria, British Columbia.

The job posting indicates the CFO works directly under the chief executive officer, which is currently filled by Marcie Frost, who formerly served as executive director of the Washington State Department of Retirement Systems, according to Frost’s profile on CalPERS’s website.

The CFO manages and controls CalPERS’s financial systems and risk programmes, communicating with the pension’s board of administration and executive management team, and the posting notes candidates should have at least 10 years of experience in a large pension fund or financial institution.

Eason’s LinkedIn profile indicates she joined CalPERS in November 2012 as CFO, after serving as the vice-president of financial and plan board services at the British Columbia Pension Corporation.

The pension’s chief compliance officer Marlene Timberlake D’Adamo is serving as the interim CFO, according to the pension’s website. D’Adamo was initially hired by CalPERS as CCO in March 2016 to work directly under Eason to administer a compliance monitoring and oversight programme relating to legislative and regulatory requirements and industry guidelines, according to a CalPERS press release at the time.