Ohio State Teachers Retirement System, Columbus, will issue an RFP for an executive search firm to assist the pension fund in its search for a new permanent executive director.
The $97.3 billion pension fund’s board approved approved the RFP at its Oct. 16 meeting, a webcast of the meeting showed. A timeline for the RFP process has yet to be determined.
The vote for an RFP followed a failed motion to hire Korn Ferry as the executive search firm given the firm’s long history with the pension fund. Before the vote for an RFP, the board had approved hiring Korn Ferry to assist with the selection of an interim executive director to take on the role upon the retirement of Lynn Hoover, acting executive director and chief financial officer, on Dec. 1.
Hoover has been acting executive director since November when William Neville, executive director, was placed on administrative leave pending a personnel-related investigation by an outside third party and that local news outlets had said was the result of an anonymous allegation of harassment against STRS employees.
On Sept. 23, Neville agreed to retire Dec. 1 by mutual agreement with a $1.65 million buyout.
