Adam Jordan, chief of staff at the South Carolina Retirement System Investment Commission, Columbia, on Thursday was named interim CEO, and Hershel Harper Jr., deputy chief investment officer, was named interim chief investment officer.
Messrs. Jordan and Harper assumed the duties from Robert L. Borden, who held both roles until his resignation Dec. 2.
According to the commission's rules, the full board had to ratify the interim appointments made by Allen R. Gillespie, chairman of the commission, which oversees the investment of the $26 billion South Carolina Retirement System.
In a separate motion, commissioners ratified Mr. Gillespie's appointment of Mr. Borden as a senior adviser who will assist investment staff with transition issues at his current rate of pay — $485,000 annually — for up to 60 days after his official resignation date.
In an interview, Mr. Gillespie said he expects that the board will discuss the search process for Mr. Borden's permanent replacement at a meeting Jan. 19.
Mr. Gillespie said that while the commission is obligated by statute to conduct an open search for and hire a CIO the timetable for the search process is uncertain. That's because in November, the board approved an RFP for third-party compensation and performance incentive consulting services, and the South Carolina Legislature will discuss pension reforms in the upcoming session that runs from January through June.
“As a practical matter, it's going to be difficult to pull together a pool of well-qualified applicants for the CIO position when we don't know what to pay them and what the pension structure may be,” Mr. Gillespie said.
The more administratively oriented CEO role is not statutory and therefore not subject to the same requirements for an open search, Mr. Gillespie told commissioners during the meeting, which was conducted by conference call.
Mr. Borden will join money manager FTA Partners in February as managing partner and CIO. FTA specializes in investment outsourcing and manager selection services for endowments, foundations, family offices and high-net-worth investors.