Calpers Seeks Five-Year Commitment From Next Investment Chief

The next chief investment officer at the California Public Employees’ Retirement System will need to commit to stay in the job for at least five years, according to Chief Executive Officer Marcie Frost.

Calpers has churned through nine CIOs in the last 20 years, Frost said Monday at the Toronto Global Forum, held virtually. The last one, Ben Meng, left in August amid questions about disclosures regarding potential conflicts of interest. The board of Calpers is considering a plan to pay its next CIO as much as $2.4 million a year, up from $1.8 million, with the addition ...