Cynthia Steer is out as vice president-benefit investments with the $6 billion Philip Morris Cos. pension fund, New York, less than one year after joining the company, a Philip Morris official confirmed.
"All we can do is tell you she left the company," said Will Thoretz, a spokesman. Ms. Steer left the company in late August, he said.
When reached at her home in Connecticut, Ms. Steer said she would have no comment at this time. "Check with me in awhile, but I won't have any comment for some time," she said.
In her position at Philip Morris, Ms. Steer reported directly to Hans Storr, chief financial officer.
Thomas B. Judge, former vice president and director of alternative investments at AT&T Investment Management, Berkeley Heights, N.J., joined Abbott Capital Management L.P., Boston, as a senior adviser, a new position at Abbott. Mr. Judge oversaw about $4 billion in alternative investments for the $40 billion AT&T pension fund. An AT&T spokesman said Mr. Judge's duties will be reassigned to other staffers.
P. Michael Barron resigned as chief financial officer at the $37 billion Teacher Retirement System of Texas, Austin, to become a senior consultant for software and systems development giant Oracle Corp., Austin. He remains a candidate for the vacant TRS executive director's position. Mr. Barron's duties have been temporarily assumed by Wayne Fickel, controller. The decision about whether to hire a new CFO will be left to the new executive director.
Jeffrey A. Willison joined the $1.6 billion Fairfax County (Va.) Retirement Funds as an investment officer. He replaced Patrick Bell, who moved to the Montgomery County Employees' Retirement System, Rockville, Md. Mr. Willison previously was vice president at Ewing Capital Inc., Washington, where his responsibilities were assumed by Samuel D. Ewing, president.
Mark Warshawasky joined the Teachers Insurance Annuity Association-College Retirement Equities Fund as a research manager; he had been senior economist for the employee plans and exempt organizations division of the Internal Revenue Service. In his new position, he will study retiree health care issues as well 403(b) retirement programs and participants' investment decisions, said P. Brett Hammond, TIAA-CREF director of strategic research. He has not yet been replaced at the IRS, where he was conducting a study on the underfunding of pension plans and the participation rate of 401(k) plans.
David Lindeman, executive director of the 1995 Advisory Council on Social Security, joined the World Bank as a pension specialist, a new position. He will continue helping the advisory council draft a set of recommendations to the Congress on ways to shore up the ailing Social Security system. The council is expected to submit its recommendations by year end.
ASB Capital Management Inc., Washington, promoted two staffers, replacing top executives who left to form a new firm. Bob Phillips, formerly senior vice president and head of portfolio management, was named president. Bob Wasilewski, managing director and senior vice president, was promoted to director of fixed income. Mr. Phillips and Mr. Wasilewski replace Terence Collins and Closson Vaughan, respectively, who formed Columbia Partners Investment Management, location, with Robert A. von Pentz, former president and chief executive of Riggs Investment Management Co., Washington.
J. Patrick Beimford was named chief investment officer for fixed income, a new position, at Kemper Financial Services, Chicago. He will retain his responsibilities as director of fixed income as well.
Earlier, Kemper named Steven H. Reynolds - who left the Minneapolis office of Alliance Capital Management - executive vice president and chief investment officer for equities, also a new position.
Alfred Harrison, vice chairman and head of the Minneapolis office for Alliance, said Mr. Reynolds' duties will be reassigned to other senior staffers. In addition, Alliance is transferring Tim Pettee, a vice president in the New York office, to Minneapolis.
Jonathan Skeath was promoted to director of equities at Julius Baer Investment Management Inc., London. The former senior portfolio manager now heads a newly formed, five-person team to manage international equities for U.S. institutional clients. It is Baer's first such team dedicated to managing non-U.S. equities for American clients.
Brian Kennedy left his post as chief executive of Alexander Clay and Partners, a benefits consulting firm in London, to be a managing consultant and regional manager for Canada in Watson Wyatt Worldwide's Toronto office. He is replacing C. Ian Durrell, who is retiring.
Tom Ross, an executive director of Alexander Clay, has been named acting chief executive; one of his duties will be to find a new chief executive.
Peter Lyon, formerly chief strategist at Smith New Court in London, has become managing director of Clay Finlay (UK), and a principal and shareholder in New York-based Clay Finlay.
Bijal Shah, who had worked with Mr. Lyon as a global strategist at Smith New Court, has taken over Mr. Lyon's duties at the firm.