Brian White resigned as CEO of the $10.4 billion San Diego County Employees Retirement Association, effective March 30, said spokesman Dan Flores in an e-mail.
“The board and Mr. White have amicably agreed that Mr. White's tenure as SDCERA's chief executive officer will end March 30, 2015,” a news release stated.
SDCERA is already searching for a new chief financial officer, a general counsel and in-house chief investment officer as it moves from an outsourced CIO model. Salient Partners is SDCERA's portfolio strategist and outsourced CIO.
David Wescoe, president of Efficient Market Advisors, SDCERA's management consultant, will lead SDCERA as interim CEO “until the board hires a qualified person to fill the position,” Mr. Flores said in an e-mail. Mr. Wescoe and Efficient Market Advisors were hired last month to assist with SDCERA's other searches.
“Mr. Wescoe will continue to coordinate the search efforts for the open positions of CIO, legal counsel and CFO,” Mr. Flores said.
The board announced Mr. White's resignation after a closed door meeting in which the board voted 8-1, to approve the mutual separation and severance deal. Mr. White's severance will be about $250,000, roughly one year's pay plus accrued vacation and sick pay. David Myers, vice chairman, cast the sole “no” vote.
“On behalf of the board of retirement, I want to recognize Brian's many contributions to SDCERA,” said E.F. “Skip” Murphy, board chairman, in the news release. “Brian has worked tirelessly on behalf of SDCERA, its trustees, members and staff for 18 years. Under his leadership, SDCERA has experienced tremendous growth.”
