Walter Koziol, chief investment officer of the $25.3 billion Illinois Municipal Retirement Fund, Oak Brook, plans to leave the fund, said Linda Horrell, IMRF communications manager.
Mr. Koziol has been with the fund for more than 20 years as its top investment professional. His intention to leave hasn’t been officially announced and he hasn’t set a date. Mr. Koziol couldn’t be reached for comment.
The fund is searching for an executive recruiting firm to assist in recruiting a new CIO. The RFP is available at www.imrf.org; proposals are due May 9. The IMRF board could select a firm in June or July, although no date has been set.
The CIO is hired by and reports to Louis W. Kosiba, IMRF executive director, but the board plans to assist Mr. Kosiba in evaluating candidates and in the selection, according to the RFP.
Information on who will assume Mr. Koziol’s duties in the interim was unavailable, Ms. Horrell said.
IMRF initiated the search in anticipation of Mr. Koziol’s retirement, Mr. Kosiba said. “There is nothing imminent,” Mr. Kosiba said.
“He said he would give me six months’ notice” of retiring, Mr. Kosiba said. “He hasn’t announced a date,” Mr. Kosiba said.
“I just wanted to have my ducks in a row… trying to line up a firm” because of the time it takes to search for and engage an executive recruiter to be ready for when Mr. Koziol gives notice, Mr. Kosiba said.
The IMRF has until Nov. 30 to accept a proposal from the executive recruiting firm, Mr. Kosiba said.