Richard Ingram, executive director of the $51.2 billion Illinois Teachers’ Retirement System, Springfield, resigned Monday, effective immediately.
On July 31, the board of trustees unanimously voted to place Mr. Ingram on administrative leave “due to performance issues covered by his employment contract,” a news release from the system said.
TRS spokesman David Urbanek declined to comment on the circumstances of Mr. Ingram’s departure, but said in an email that “the board’s unanimous vote came after an investigation of issues relating to Mr. Ingram’s contract,” conducted by King & Spalding, a Chicago law firm.
Zachary Fardon, a managing partner at the law firm, led the investigation, Mr. Urbanek said.
Mr. Fardon did not immediately respond to a request for information about the investigation.
R. Stanley Rupnik, Illinois TRS’ chief investment officer, was named interim executive director and will handle day-to-day operations of the fund, the news release said.
The board will implement a nationwide search for a new executive director, the release said.