Robert Daniels, executive director of the $17 billion Teachers' Retirement System of Illinois, Springfield, said he intends to retire within the next year. He announced his retirement at a state legislative commission meeting in which the fund was criticized for losses taken by Zimmerman Investment Management, the firm run by the fund's former CIO.
In an interview, Mr. Daniels said that while he acknowledges the hedging strategy employed by Zimmerman "just didn't work," it was the unusually strong performance of the markets that led to the losses. "I still stand by what the system did," he said.
Mr. Daniels, who is 69, said he would have preferred to retire earlier, but he wanted to stick it out for the Zimmerman situation. He said trustees probably will decide on how to replace him at the next meeting in August.
Paul E. Pender was named vice president-finance and treasurer of Northern States Power Co., Minneapolis. He replaced Arland D. Brusven, who retired. Mr. Pender, who will help oversee more than $2 billion in employee benefit assets and serve on the pension committee, was an assistant treasurer. His position won't be filled.
James P. Cummings was appointed to the board of trustees of the $51 billion Teacher Retirement System of Texas, Austin, to fill the remaining term of Lisa Trevino Cummins, who resigned. Mr. Cummings is president of Norwest Bank Texas, San Angelo.
Bradford Tenney was named chairman of the $288 million Cambridge (Mass.) Retirement System, said Ann Leduc, executive director. Mr. Tenney, elected to the board in 1996, replaces Joe Connerton, who has been appointed deputy executive director of the Public Employees Retirement Administration Commission.
Kansas City Southern Industries gave Joseph D. Monello, a member of its senior management team, new responsibility for KCSI's Financial Services Division in addition to his current position as chief financial officer. The division includes Janus Capital, Berger Associates and KCSI's 41% ownership of DST Systems, a processor of mutual fund transactions.