WASHINGTON - The $6.8 billion International Brotherhood of Electrical Workers and National Electrical Contractors Association pension fund has lost three investment professionals.
Executive Director Basil J. Schwan, Chief Investment Officer John R. Long and Real Estate Director Peter L. Katseff left.
Their departures followed the appointment of Edwin Hill as one of two fund trustees. Mr. Hill, who represents labor, and John Grau, the trustee representing management, terminated Messrs. Schwan and Katseff.
Mr. Long left to become the director-international benefits at
Philip Morris Inc., New York, a new position. He reports to Mark Werner, vice president-benefit investments. Mr. Long was traveling and unavailable for comment.
Mr. Hill replaced Jack Moore on April 1. Mr. Moore had been trustee for 12 years.
Mr. Hill refused to comment. Mr. Grau declined to comment on the terminations, but did say Mr. Long "left on his own."
Mr. Schwan declined to comment on the events leading to the termination of his contract. He was the fund's first executive director, holding the post for about 11/2 years.
He did say he is relocating to California and will be "pursuing other opportunities."
Mr. Katseff said: "After a change of trustees, Mr. Schwan and myself were asked (by the trustees) to leave." He said an agreement he signed with trustees prohibited him from saying more, other than he has yet to find a new job.
A.T. Kearney Inc., New York, a management consulting firm, was hired by trustees to assist in the search for Mr. Schwan's replacement. Searches to fill the two other posts will be conducted after the executive director is hired, Mr. Grau said.
The investment staff - of which all three men were a part - was set up a couple of years ago to help oversee the growing fund, according to Mr. Grau. He added the fund's overall performance has been good.
Greg Kimczewski, vice president and general counsel at IBEW's consultant, Marco Consulting Group, Chicago, said the firm had no advance word of the situation. "It was a rather sudden move," he said.
Two other fund officials - William Tull, consultant with the National Electrical Benefit Fund, and Roy Dickinson, director of investments - could not be reached for comment.