CalPERS has launched a search for a new CIO to replace Nicole Musicco, who stepped down at the end of September.
Dan Bienvenue, CalPERS Deputy CIO, is currently serving as interim CIO.
The $451.5 billion California Public Employees' Retirement System, Sacramento, hired executive search firm Dore Partnership to assist with the CIO recruitment process. Dore had assisted CalPERS when it hired Musicco in February 2022.
"CalPERS is looking for a strong investor with broad experience, who is committed to our public service mission of ensuring the retirement benefits of 2 million people," CEO Marcie Frost said in a news release.
The CalPERS board has formed a CIO search subcommittee made up of board members who will work with Frost to hire a new CIO. Subcommittee members include board President Theresa Taylor, California state Controller Malia Cohen, Lisa Middleton, David Miller and Mullissa Willette.
The search comes at a time when there are CIO openings at several high-profile organizations, the news release said.
"The competition for top talent has never been fiercer, especially when it comes to implementing and delivering investment returns needed to support our members," Taylor said in the release. "The good news is that CalPERS remains a draw, and we expect to attract qualified candidates from all over the world."
The ideal CIO candidate skills and characteristics are the same as when CalPERS hired Musicco. They include broad investment experience of 10 to 15 years managing a large-scale, highly complex portfolio, experience leading multifunctional teams, a bachelor's or master's degree in economics, finance or closely related field, adept at presenting complex information to the board, stakeholders and other audiences with varied backgrounds, and the ability to function effectively in a highly visible role.
At CalPERS, the CIO reports to the CEO. The CIO selection will be made jointly by Frost and the board.
The job is posted on CalPERS’ website.