Vincent Brown, CEO of the Santa Barbara County (Calif.) Employees' Retirement System, is resigning effective June 24, confirmed Lila Deeds, assistant CEO of the $1.98 billion system.
Mr. Brown is on vacation until his last day, Ms. Deeds wrote in an e-mail. Ms. Deeds will be interim CEO.
In separate e-mails, Mr. Brown and Ms. Deeds would not indicate where Mr. Brown is going, both saying his new employer will make an announcement.
In seeking a replacement for Mr. Brown, the system will split the duties between a CEO and a chief investment officer and is considering hiring Alliance Resource Consulting or CPS Executive Search to help with the search.
Separately, the system is conducting an asset allocation review. The board is not expected to make allocation decisions until at least September, Ms. Deeds wrote. Pension Consulting Alliance, the system's general consultant, is assisting.
The system's board also extended for three years the contract of Hamilton Lane, its discretionary private equity consultant. Hamilton Lane's contract was set to expire in September, Ms. Deeds stated.