Steve Kornrumpf was appointed acting director of the $72 billion New Jersey Division of Investment, Trenton, replacing Ro- land Machold, who retired. A spokesman said a search is under way for a permanent replacement; a few candidates are under consideration. Mr. Kornrumpf was deputy director.
Ken Frier was named director of investments at The Walt Disney Co., Burbank, Calif. The Disney pension fund has $2.2 billion in assets. Mr. Frier replaces Christopher Zyda, who resigned to become assistant treasurer at Amazon.com. Mr. Frier previously worked as an administrator for Disney's foreign exchange group.
Pat Cronin, formerly financial manager and assistant director for the Milwaukee Employes' Retirement System, joined Robert W. Baird & Co., Milwaukee, heading research for its consulting unit.
Mr. Cronin said he will direct research for wealthy individuals, pension funds, endowments and foundations.
The Milwaukee fund is searching for a replacement.
Cynthia A. Hargadon is leaving as president of the Stable Value Investment Association to become director of investments for the $3.5 billion National Automobile Dealer's Association Retirement Trust, McLean, Va. She succeeds Harry G. Brooks, executive director, who retired last week.
The association has begun a search for a new president to replace Ms. Hargadon.
Maureen B. Kilkelly was named fund administrator at the $1 billion defined benefit pension fund of the American Federation of Musicians and Employers' Pension Fund, New York.
Ms. Kilkelly, who has been acting fund administrator since last year, replaces M. Delores Thrower.
Gregory Hazlett is now director of equity investments at Howard Hughes Medical Institute, Chevy Chase, Md., a public foundation with more than $11 billion in assets. He replaces Wayne Wicker, who joined Cadence Capital, Boston, last year.
Mr. Hazlett was director of research at Investment Counseling Inc., West Conshohocken, Pa., where he will not be replaced.
John A. Putney was named president of TIAA-CREF Retirement Services, a new division of TIAA-CREF, New York. The division was created when TIAA-CREF boards approved a new management structure splitting the defined contribution services it offers to education and research communities from mutual fund, insurance and portfolio services it offers to the general public. Mr. Putney previously was executive vice president for pension and annuity services.
John McCormack, former executive vice president for operations support, is now president of TIAA-CREF Enterprises, which includes the newly formed TIAA-CREF Life Insurance Co. and other services offered to the general public.
Wayne A. Stork will retire as chief executive officer of Delaware Management Holdings, Philadelphia, and CEO and chief investment officer of Delaware Investment Advisors at the end of 1999. He will remain chairman of Delaware Management.
After an 18-month transition, Jeffrey Nick will become CEO of Delaware Management Holdings; Mr. Nick now is president of that group and president/CEO of the Delaware Group of mutual funds. Richard Unruh will become chairman and CEO of Delaware Investment Advisors and will continue as CIO of equity; he is president.
Executive Vice President Paul Suckow will become president of DIA and will continue as CIO of fixed income.
Peter Braun became the head of U.S. marketing and sales for Santander Global Advisors Inc., Boston, with a goal of breaking into the North American institutional market. Mr. Braun was with State Street Global Advisors, Boston, for 11 years in business development and institutional client service. This is a new position at year-old Santander, which already has $600 million in equity and fixed-income assets under management. It is a subsidiary of Banco Santander, Madrid, Spain.
John McDonnell will become Nicholas-Applegate Capital Management's first chief operations officer.
Mr. McDonnell will oversee all operations and will be a partner at the San Diego-based firm. He also will sit on the executive committee. Mr. McDonnell was chief financial officer of American Express Co.'s Travel Related Services division.
Alice T. Kane joined American General Investment Management, Houston, as an executive vice president of investment management, a new position. She will oversee the investment management unit of American General with Steven Guterman. They will manage $70 billion, which is mainly insurance assets.
Ms. Kane was an executive vice president of corporate marketing at New York Life Insurance; a replacement has not been hired yet.
Spencer Trask Securities Inc., a New York-based private equity manager, named Eric B. Kim president and chief executive officer of the Spencer Trask Software Group, and Norman R. Proulx as managing director of Spencer Trask Holdings Inc. Mr. Kim was president and chief executive officer of Pilot Software, a subsidiary of Dun & Bradstreet Corp. Mr. Proulx most recently was a managing director at Cortec Group.
Jamie Heard, former chief executive officer of Institutional Shareholder Services, Bethesda, Md., has become chairman and CEO of competitor The Proxy Monitor Inc., New York. Arthur Rosenzweig will continue as president of Proxy Monitor, a proxy research and voting service.
Mr. Heard and Richard L. Cohen, former chief operating officer of ISS, are principals of an investor group formed by Breakwater Holdings LLC, which last month acquired an 80% interest in The Proxy Monitor. Mr. Cohen is the new chief financial officer of Proxy Monitor.