CalPERS names interim CEO

Douglas Hoffner, a member of its current executive team, will run the $291bn pension while it searches for a replacement for Ann Stausboll, who retires at the end of the month.

The California Public Employees’ Retirement System (CalPERS) board of administration has named Douglas Hoffner as the interim chief executive officer. Hoffner will begin his new position as interim CEO on 1 July, after the current CEO Anne Stausboll retires 30 June, the pension system said.

He joined CalPERS in 2012 as the deputy executive officer for operations and technology, overseeing operational and support functions such as human resources, enterprise strategy and performance, information technology, facilities management and diversity and inclusion, according to his LinkedIn profile.

Prior to joining CalPERS, Hoffman was undersecretary of the California Labor and Workforce Development Agency for over five years, deputy cabinet secretary in the California governor’s office and assistant director of legislation at the California Department of General Services, according to his LinkedIn profile.

As the largest pension system in the US, CalPERS allocates almost $30 billion to private equity, and its investment strategies are closely followed by general partners seeking big cheque commitments from it and other limited partners alike. For example, when it admitted last year it hadn't been tracking carried interest paid to fund managers, the industry revived the heated debate on fee transparency – leading CalPERS to release data the following November.

In terms of finding a new CEO, a CalPERS spokeswoman told Private Equity International it hopes to conclude the process in the coming weeks.

Stausboll served as chief executive of the California Public Employees’ Retirement System (CalPERS) for seven years, since January 2009, when she became the first woman to lead the pension fund. At the time of her appointment, CalPERS had suffered a 26 percent loss of its investment assets and faced an ethics scandal involving former officials, including former CEO Fred Buenrostro.

CalPERS announced Stausboll’s retirement in January, when it immediately began looking for her replacement.

The pension fund, which is the largest in the US, manages about $291 billion in assets.