David T. Veal was selected to be the next chief investment officer of the Texas Employees Retirement System, Austin, the system announced.
Mr. Veal will join the $34 billion pension fund in August following the retirement of CIO Charles Thomas "Tom" Tull, who in 2020 had announced plans to retire this summer.
Mr. Tull joined the pension fund in 2009 as director of strategic research. He was named CIO of ERS in 2012.
Mr. Veal has been CIO of the $3.2 billion Austin (Texas) City Employees' Retirement System, for the past five years. Prior to that role, he held leadership roles with the $179.9 billion Texas Teacher Retirement System, Austin, where he was the director of strategic partnerships and research; and ERS, where he was the global strategist and portfolio manager for emerging markets.
Regarding Mr. Veal’s replacement, Christopher Hanson, executive director of the Austin employees’ fund, said in an email that “our investment team will continue to (manage) the day-to-day operations of the investment program. Right now, we’re focused on the transition of David’s departure and in due time we’ll have more to share about our plans to replace (him) in the role.”
Mr Veal was unavailable for an interview.
Executive search firm Korn Ferry assisted ERS with the search.
Mr. Veal is a graduate of Auburn University and holds an MBA from the University of Michigan. Mr. Veal also served for six years as a U.S. Navy officer, where he was twice decorated with the Navy Commendation Medal.