Marcie Frost was named CEO of the $299.4 billion California Public Employees' Retirement System, Sacramento, the system announced Thursday.
Ms. Frost will start Oct. 3. She replaces Anne Stausboll who retired at the end of June.
Douglas Hoffner, CalPERS' deputy executive officer for operations and technology, has been filling in as interim CEO. Other deputy executive officers have been assisting Mr. Hoffner to allow him to concentrate more on CEO duties, a CalPERS spokeswoman said in an e-mail.
Ms. Frost is currently director of the Washington State Department of Retirement Systems, Olympia. She also has served as an ex-officio member of the $104 billion Washington State Investment Board, Olympia, which oversees the department's investments. Ms. Frost's replacement will be appointed by Washington Gov. Jay Inslee, a department spokesman said.
“Marcie is a seasoned public pension fund administrator and we couldn't be happier that she will lead the fund and be part of our CalPERS family,” said Rob Feckner, president of the CalPERS board, in a news release. "The selection of Marcie was unanimous by the CalPERS board members involved. She has demonstrated throughout her career strong leadership and innovation, an emphasis on customer satisfaction, and team collaboration that will be fundamental to the future of CalPERS.”