The $7 billion Illinois State Board of Investment, Chicago, is resuming its search for a chief investment officer. The board authorized Executive Director William Atwood, who was hired in March, to restart the search. Mr. Atwood said he hopes to present three candidates to the board in June. The board isn't using a recruiting firm. The previous CIO, Ronald D. Schmitz, was named director of investments of the Oregon State Treasury last year.
The board also has decided not to hire a portfolio manger-public markets. That position opened when Keith Cardoza left last fall to join Boeing Co., Chicago, as director-trust investments. "We are trying to see if we can get away with not filling the position as a result of adding a consultant," said Mr. Atwood. The board initiated a search in April for its first investment consultant. "A consultant reduces the need for internal investment staff," he added. "We can always revisit the issue if we need to add another professional."