David Greenberg was named chief investment officer of The California Endowment, Los Angeles.
Mr. Greenberg, currently the $3.9 billion health foundation's deputy CIO, will replace Ruth Wernig after her retirement on May 31, spokeswoman Sarah Reyes confirmed.
Ms. Wernig has been CIO since 2010 when she joined the foundation from University of Southern California, Los Angeles, where as treasurer she oversaw the investment team managing USC's $5.9 billion endowment fund.
Upon her retirement, Ms. Wernig plans to spend more time with her family on the East Coast, she said in a statement emailed by Ms. Reyes.
Mr. Greenberg also joined The California Endowment in 2010 from USC, where he oversaw hedge fund investments. His position as deputy CIO will not be filled, Ms. Reyes said.