CalPERS CEO Fred Buenrostro denied that his resignation was because board members were unhappy with him. Media speculation about reasons for my departure are unwarranted and incorrect, Mr. Buenrostro said in a statement issued late Monday by CalPERS. I had previously chosen not to publicly discuss my conversations with the board to give them an opportunity to pick the timing of an announcement.
Rob Feckner, board president of the $240.1 billion California Public Employees Retirement System, Sacramento, said in the same statement that the media reports were erroneous speculation.
Mr. Buenrostro said he will join the private sector upon his retirement from CalPERS. Details of when he will retire or his future plans were not released; calls for comment from Messrs. Buenrostro and Feckner were not immediately returned.
P&I Daily on Monday cited sources that said board members were unhappy with Mr. Buenrostros attempts to push a political agenda on the investment staff and that he didnt properly address the risk to CalPERS associated with its internal management staff leaving to pursue more lucrative careers in the private sector.
A source familiar with the pension fund said talks of Mr. Buenrostros retirement have been going on for about a year. Fred really was planning a natural retirement, said the source, adding that tensions between staff and the board are par for the course at such a large and complex organization.
Details about a search for Mr. Buenrostros replacement could not be immediately learned.