Joseph M. Cullen was named chief investment officer at the Montana Board of Investments, effective Nov. 2, said David Ewer, executive director, in an e-mail.
Mr. Cullen replaces Clifford A. Sheets, who retired earlier this month. CIO responsibilities are currently being handled by Mr. Ewer.
Previously, Mr. Cullen was head of institutional portfolio management at Fidelity Investments. He also held senior investment roles at Amherst College in Amherst, Mass., and Lucent Asset Management Co.
A Fidelity spokesman could not immediately be reached for information on a replacement.
The board oversees $16.5 billion in assets, which includes about $10 billion in pension fund assets.