Michael McCowin was hired as chief investment officer of the $43 billion State of Wisconsin Investment Board, Madison. Mr. McCowin is a retired Harris Investment Management Inc., Chicago, executive. He will report directly to Executive Director Patricia Lipton. The position is new, a result of state legislation enacted following derivatives losses in a pooled cash fund managed by the SWIB.
Gary Martin was named director of pension investments at Northwest Airlines Inc., Eagan, Minn. He was previously director of cash management; he has not been replaced in that position yet. Mr. Martin replaces Gregory Carpenter, who left the company.
The C$1.5 billion (U.S. $1.095 billion) Canadian Airlines International Ltd. pension fund, Calgary, Alberta, named Colin Gruending as manager-pension investments, said Douglas Carty, vice president-finance. Mr. Gruending was supervisor-finance accounting at the airline.
He replaces R. Jack Hockin, who retired as director of insurance and pension investments in late April.
Edmond D. Villani will become chief executive officer of Scudder, Stevens & Clark Inc., New York, July 1. He'll continue as the firm's president, but no longer will be chief investment officer. Instead, the global equity and global bond groups will perform the chief investment officer functions.
In addition, Mark S. Casady, managing director and head of Scudder's defined contribution services business, assumed the additional role of director of U.S. mutual funds, a position formerly held by Daniel Pierce, Scudder's chairman of the board and chairman of the executive committee. Mr. Casady will be responsible for day-to-day operations and the business strategy of Scudder's U.S. mutual funds effort.
Scudder's last chief executive officer was George S. Johnston, who held the title until his death in 1991. At that time, leadership duties were assumed by Messrs. Pierce and Villani.
The Teachers Insurance and Annuity Association, New York, promoted two investment executives.
Joseph W. Luik is now senior managing director for the mortgage and real estate division. He is replacing John Somers, who was recently named executive vice president for TIAA investments.
Michael T. O'Kane is now senior managing director for the securities division. He is replacing David Bullett, who is retiring.
Larry A. Kohn was named head of New York-based Lazard Freres Asset Management's global institutional marketing and business development, a new position. Mr. Kohn was vice president and manager of marketing for Goldman Sachs Asset Management, New York, where others have taken over his duties.
Masanori Tsuno was named president of Frank Russell Japan Co. Ltd. in Tokyo. He succeeds Lawrence Repeta, who will be leaving to pursue other career opportunities in Japan. Mr. Tsuno joined Frank Russell Japan in 1987 and has been a director since 1989. In addition, Hiroshi Nakagawa, a client executive with Frank Russell Japan, has been promoted to director of consulting, and Steve Worlf, a performance measurement specialist in Tacoma, will move to Tokyo to head the performance measurement group.
Daniel J. Cardell joined Weiss Peck & Greer L.L.C., New York, as principal in charge of the quantitative equity division, a new position. He has been senior vice president and director of equities at Bank of America Investment Advisors in Chicago.