When CalPERS CEO Marcie Frost was bullied as a youngster, her grandfather, a Medal of Valor winner, told her that she had to know how to take a punch.
When you're in a position of responsibility, "some people won't like the decisions you make," and some of their concerns matter but some don't matter, Ms. Frost said in an interview.
The advice has come in handy during her close to seven-year tenure at the $465.7 billion California Public Employees' Retirement System, Sacramento, where she came under fire early for lacking a college degree.
"The board supported diversity of thought, diversity of background," she said.
She was then criticized for taking two years to replace former CalPERS CIO Yu "Ben" Meng after his August 2020 resignation when it was noticed that his public disclosure report showed a potential conflict of interest.
At CalPERS, Ms. Frost said she has worked to build more female leaders.
"There were so many times after taking this job ... that I was the only woman in the room," Ms. Frost said.
To rectify that, Ms. Frost expanded her executive team adding Michelle Tucker, human resources director. Under Ms. Frost's watch, CalPERS hired Nicole Musicco as CIO, the second woman in the role. At CalPERS, the board and CEO share the responsibility for hiring the CIO.
She also holds midday lunches with 30 people randomly selected across the organization. CalPERS also hosts with CalSTRS the Catalyst, a diverse investment manager forum, and on its own, the Pathways for Women Conference.
Ms. Frost landed her first job with Washington state as a temporary typist, valued as much for her contributions as a player on the unit's softball team as her 85 words per minute, she quipped. Ms. Frost parlayed that 30-day job into a 30-year career winding her way from working in human resources with a focus on benefits to Olympia-based Washington State Department of Retirement Systems' director to a member of Washington Gov. Jay Inslee's Cabinet.
"I learn things very, very quickly ... even the investment side of the house," Ms. Frost said.
