Anne Stausboll, chief executive of CalPERS, said she is stepping down at the end of the… more
PHOTO COURTESY OF CALPERS
chief executive of CalPERS, said Thursday that she is stepping down at the end of the fiscal year, finishing a seven-year tenure in which she led the agency through the aftermath of a global financial crisis.
Stausboll, 59, oversaw the recovery of the nation’s largest pension fund after it lost 28 percent of its value in the 2008 market crash. The pension is now worth $273 billion, a drop of $20 billion from its value one year ago. CalPERS also received global attention in 2014 for cutting investments in hedge funds.
“Together we have made CalPERS a stronger organization, one that is well positioned to provide retirement and health security for future generations,” Stausboll said in a statement.
Stausboll also controlled the agency amid a ethics scandal involving her predecessor, Fred Buenrostro. Buenrostro pled guilty to corruption charges in 2014 in a case that involved former CalPERS board member Alfred Villalobos, who committed suicide a year ago.
The California Public Employees’ Retirement System said in a statement its board would “ conduct an immediate search” for Stausboll’s replacement.
Calpers administers pension plans for employees at more than 3,000 state and local government entities across the state.