Sprint Corp. and the Ohio Teachers Retirement System will be searching for pension executives.
William N. Searcy Jr. is retiring Aug. 22 as pension and savings trust officer at Sprint, Overland Park, Kan. He oversees the company's $3 billion defined benefit plan and $3.3 billion 401(k)/savings plan.
Sprint officials haven't decided how or when to search for his replacement. Mr. Searcy said he'll serve as a consultant to the plans at least until the end of the year.
At the Columbus-based Ohio Teachers' plan, a search will be launched for an executive director, following the resignation earlier this week of Herb Dyer.
Board members for the $47.2 billion fund will discuss the search process at an Aug. 15 meeting. A recruiting firm likely will be hired, and the search is expected to take six to seven months, said Laura Ecklar, system spokeswoman.
Damon Asbury, deputy executive director-administration, was named interim executive director until a replacement is named.
Mr. Dyer was asked to depart because of member and legislator concerns about expenditures at the fund, said Ms. Ecklar. Mr. Dyer resigned after the system's board voted 5-3 to accept a settlement that gives him $550,000 in compensation, including his salary and retirement contributions through Feb. 29, 2004, his accrued vacation and sick time, and a lump-sum payment.