Florida State Board of Administration, Tallahassee, will begin a search for a permanent executive director on Friday.
The search was approved by the state's Cabinet at its meeting Tuesday, a video of the meeting showed. A job listing will be posted on the Cabinet's website Friday and be open for 30 days, Florida Gov. Ron DeSantis said in the video.
Also at the meeting, the Cabinet approved reaffirming Lamar Taylor as the SBA's interim executive director and chief investment officer.
Mr. Taylor, an attorney and accountant who has been a longtime employee of the State Board of Administration, was the organization's chief operating and financial officer when he was named interim executive director and CIO effective Sept. 30, 2021. Since then, he has overseen the overall operations and investment management of $230.3 billion in state assets, including the $181.5 billion Florida Retirement System.
Mr. Taylor has held the position since Sept. 30, 2021, the date of the retirement of longtime executive director and CIO Ashbel C. "Ash" Williams Jr., who had held the dual position since 2008 after a stint as managing director of hedge fund manager Fir Tree Partners. His 13-year run at the head of one of the largest U.S. asset owners was his second, having previously led the board from 1991 to 1996.
Mr. Williams has since joined J.P. Morgan Asset Management as vice chairman-asset management.
Mr. DeSantis in the Cabinet meeting video did not say whether the executive director and CIO positions will now be split. SBA spokeswoman Emilie Oglesby did not provide further information on the position and could not be immediate reached for clarification.
Since Mr. Williams' departure more than 15 months ago, the Florida State Board of Administration has seen a significant decline in the number of investment staff under its umbrella. According to data provided by the board, as of the date of Mr. Williams' departure, the board had 108 internal investment staff, a number that declined to 88 as of Sept. 30.
Among the departures was Deputy CIO Alison Romano, who in April was named the new CEO and CIO of the $32.6 billion San Francisco City & County Employees' Retirement System.
Specific details about the job listing were not provided by Mr. DeSantis in the video or from Ms. Oglesby.
