Daniel M. Szente, former CIO of CalPERS, will join McMorgan & Co. as CIO on Dec. 1. Mr. Szente replaces Mel Peterson, acting CIO, who came out of retirement in late 1999, said Paul Morton, COO at McMorgan. Mr. Peterson will retire permanently.
Mr. Szente resigned from the $144 billion California Public Employees Retirement System, Sacramento, on Nov. 9. He will leave the system after todays board meeting but will return for a few days at the end of the month to ensure a smooth transition, said Mr. Morton.
"Dan wasnt thinking about leaving CalPERS, but we pursued him and he was very enthused by what he saw at McMorgan, said Mr. Morton. Mr. Szente was recruited for McMorgan by executive recruiter Korn/Ferry International.