CalPERS' Read to Leave CIO Post
April 23, 2008
Russell Read is stepping down from his position as investment head at the $244.1 billion California Public Employees' Retirement System (CalPERS) after nearly two years in the position, confirmed Clark McKinley, a spokesman for the fund.
A statement issued by CalPERS indicates that Read will be leaving the plan at the end of June to pursue "his long-standing interest in environmental and cleantech investing."
It is currently unclear who will take over following Read's departure, however.
"In such cases, it may take us a few months to find a successor after a global search, as we did when we brought on Russell Read in 2006,” said McKinley.
The announcement comes shortly after the fund recently posted its first negative quarterly returns in two and a half years due to the subprime mortgage crisis and high oil prices (See IMW, 3/24/08).
@P:McKinley did not know if these negative returns played any role in Read's decision to step down.
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