David C. Mills was named executive director of the $70.6 billion State of Wisconsin Investment Board, Madison. Mr. Mills had served in the position since Patricia Lipton retired in January. Before that, he was deputy secretary and chief operating officer of the Department of Employee Trust Funds, which administers the Wisconsin Retirement System.
"After a thorough search process, we were pleased to find the strongest candidate in our own back yard," James Senty, SWIB chairman, said in a statement. Mr. Mills' salary as executive director is $225,000. Ms. Lipton was paid $214,672 last year.
The other finalist was Donald L. McDonald, who was executive vice president of Conning Asset Management Co., Hartford, Conn., until the firm was sold in 2001. Heidrick & Struggles International Inc.'s Houston office assisted in recruiting.