Tina Consola was approved as executive director of the Chicago Laborers' Annuity & Benefit Fund.
The $1 billion pension fund's board approved the hiring of Ms. Consola at its June 23 meeting, recently released meeting minutes show.
Ms. Consola's start date was not available. She would replace Michael Walsh, who was both executive director and chief investment officer for the pension fund. He left LABF in February to join Chicago-based risk management, software and scientific research firm Aiperion.
Peggy Grabowski, the pension fund's comptroller, is currently serving as interim executive director.
Regarding Mr. Walsh's CIO position, Trustee Melissa Conyears-Ervin was the lone dissenter on the vote to approve Ms. Consola's hiring. Ms. Conyears-Ervin said "the candidate's level of investment experience was the factor that led to her nay vote" and "in lieu of LABF having a chief investment officer on staff, she preferred the executive director have investment experience," according to the minutes.
Trustee Stephen Skardon countered by saying he did "not believe the level of investment experience would prevent the candidate from performing the role of executive director as the fund's investment consultant can provide the necessary assistance," the minutes said. Marquette Associates is the pension fund's investment consultant.
According to the city of Chicago's website, Ms. Consola is first deputy director of Chicago's Department of Finance.
Ms. Consola; Ms. Conyears-Ervin; Ms. Grabowski; Mr. Skardon; Victor Roa, president of the board; and James Joiner, vice president of the board, did not respond to requests for further information.
