WASHINGTON — Sarah Ball Teslik resigned as executive director of the Council of Institutional Investors, Washington, forgoing the continuing stresses of trying to form consensus among disparate groups of leading public, union and corporate pension funds.
Ms. Teslik was CII's executive director for 16 years, the only one it has had in its 20-year history. For the first four years, she was an attorney with CII's law firm, Willkie Farr & Gallagher, Washington, and held the position de facto until she officially joined the CII in 1988, when the position was created.
Ms. Teslik will become chief executive officer of the Certified Financial Planners Board of Standards Inc., Denver, starting by Jan. 1. She said she doesn't know when she will leave her current job.
The CII board plans to hire an executive recruiting firm to find candidates to replace Ms. Teslik, said Meredith Williams, CII chairman and executive director of the $30 billion Colorado Public Employees' Retirement Association, Denver.
"In the interim, we have asked Ann Yerger to serve as interim executive director once we establish a date Sarah will terminate her employment with the council," Mr. Williams said. "Ann will serve in the interim and may well be a candidate. She is the No. 2 person (at CII). I'm hopeful and many board members are hopeful that Ann will be a candidate."
Mr. Williams wouldn't speculate on how long it will take to hire a replacement.