ASSET OWNERS

Council of Institutional Investors executive director resigns

Ann Yerger resigned as executive director of the Council of Institutional Investors, effective July 3, CII announced in a news release Wednesday.

Ms. Yerger plans to pursue other professional opportunities, the release said.

“In coming weeks, the CII board of directors will develop a formal search process for a new executive director,” the release said.

“The board has not taken action today other than to accept her resignation and decide to develop a search process,” Amy Borrus, CII deputy director, said in an e-mail. Ms. Borrus did not have details about how Ms. Yerger's duties will be assumed in the interim.

Ms. Yerger, who joined CII in 1996, has served as executive director since 2005, only the second one in the history of the asset owner group. She replaced Sarah B. Teslik, who is now senior vice president-communications, public affairs, governance at Apache Corp., Houston.

“Under Ann's guidance, CII has built a stellar reputation for leadership, integrity, innovation and consensus-building in support of effective corporate governance and strong shareholder rights,” said Michael McCauley, chairman of CII and senior officer-investment programs and governance at the $182.8 billion Florida State Board of Administration, Tallahassee, in the release.

As voting members, CII is made up of more than 125 pension and other benefit funds with $3 trillion in combined assets, according to its website. In addition, CII has more than 140 non-voting members, which include U.S. and non-U.S. institutional investment management firms with combined assets in excess of $10 trillion.

Ms. Yerger couldn't be reached for comment.