Virginia Retirement System, Richmond, is reorganizing the investment office for the $27.9 billion pension fund. Three managing directors will report to Nancy Everett, deputy CIO, who is expected to take over as CIO in January when Erwin H. Will retires.
Craig Scholl, currently manager of asset allocation and administration at Hewlett-Packard Co., Palo Alto, Calif., will be managing director of equities. He replaces Robert Hill, director of equities, who is leaving to start his own firm.
Larry D. Kicher will be managing director of alternative investments, which now will include real estate. He has been manager of alternatives. Charles Grant, chief fixed-income officer, will become a managing director and retain his previous title.
In addition, the VRS board today voted to give William H. Leighty, executive director, a $5,000 performance-related bonus, the highest permitted by law.