The $29 billion Massachusetts Pension Reserves Investment Management Board, Boston, and the $512 million Colorado County Officials and Employees Retirement Association, Denver, are searching for new executive directors. Mass PRIM hopes to hire an executive recruiting firm by mid-November to conduct a nationwide search to replace James Hearty.
Mr. Hearty plans to resign when his contract expires in March, but will stay on until a replacement is named. In August, Tim Cahill, Massachusetts state treasurer and PRIM Board chairman, had announced that he had enough board votes to oust Mr. Hearty and replace him with Steven Weddle, partner in the Johannesburg, South Africa, office of Eccles Associates, a financial consulting firm and investment bank.
Mr. Weddle, who has no experience running a pension fund, withdrew earlier this month, saying the process had become too political, according to published reports.
The Colorado search is necessary because former CCOERA Former Executive Director Jay Shoemaker was dismissed last month for "lack of candor with the board," said Jerry Allen, former chairman of the board who is serving as interim director.
At a meeting this week, board members drafted their first-ever job description for the position.
Rick Rodgers, director of marketing and client services, was also dismissed. He won't be replaced until the association is reorganized later this year, Mr. Allen said.