Russell Reynolds Associates will conduct the search for an executive director for the $30 billion Pension Reserves Investment Management Board, Boston. The candidate will replace James Hearty, who is leaving in March when his contract expires. Earlier this year, Timothy Cahill, PRIM board chairman and Massachusetts state treasurer, attempted to replace Mr. Hearty with Steven Weddle, partner in the Johannesburg, South Africa, office of Eccles Associates, a financial consulting firm and investment bank. Mr. Weddle, who had no previous experience running a pension fund, withdrew his candidacy in early October, saying the process had become too political.
Also, Peter A. Brooke and Glenn P. Strehle were named to the PRIM investment advisory committee. Mr. Brooke is chairman of Advent International Corp., a Boston private equity firm; Mr. Strehle is treasurer emeritus of the Massachusetts Institute of Technology. The two men replaced Jack Meyer, president and CEO of Harvard Management Co., which runs the $23 billion Harvard University endowment, and Alan Bufferd, treasurer of MIT. Both men resigned from the committee in September.