Montana Public Employees' Retirement Board voted unanimously today to rescind a contract offer made to Terry Teichrow, hired in late October as executive director of the $4 billion Montana Public Employee Retirement Administration, Helena, and reopen the hiring process, according to Carole Carey, president of the retirement board. The vote followed a Nov. 10 letter to Ms. Carey from Gov. Brian Schweitzer, in which he wrote that the board may have violated the state's open meeting and public participation laws in the process of hiring Mr. Teichrow, a grant writer for the state and a former retirement board president. Ms. Carey said the board was slated to vote on the matter Nov. 16, but it was delayed because Mr. Schweitzer filed a lawsuit Nov. 15 in Lewis and Clark County District Court in Helena. Ms. Carey said the board will reopen the search and hire process "as soon as possible.” She could not say whether Mr. Teichrow would be reconsidered. Mr. Teichrow was hired to replace Michael O'Connor, who will retire at year's end. Mr. O'Connor has made "no indication” he will remain after Dec. 31 if a new executive director has not yet been hired, Ms. Carey said; she was not sure who would act as interim executive director if that situation arises.
Douglas Phillips will retire as president and CIO of Trusco Capital Management, effective Dec. 31, as reported Friday on Pensions & Investments' website, www.pionline.com. Mr. Phillips, who began his career in the trust department of Trust Co. Bank nearly 32 years ago, was one of the founders of Trusco Capital Management in 1984. He assumed his current role in 1988. "I concluded that it was time to spend more time with my family and achieve a better balance between my professional and personal lives,” he said in a news release. Mr. Phillips' responsibilities will be given to Trusco's existing executive team. Bob Rhodes, director of equity management, will chair the investment policy group. Betty Pola, director of equity research, will continue to work with Mr. Rhodes as manager of Trusco's core/growth equity discipline. Mike McCoy, Trusco spokesman, said David Eidson, chairman, will assume day to day presidential responsibilities. Mr. McCoy had no information on whether a search will be conducted for a permanent replacement. The firm has nearly $70 billion in assets, the release said.
