San Diego Pension CEO Steps Down

Brian White the chief executive officer at the San Diego County Employees Retirement Association (SDCERA) announced this week that he is stepping down from his position.

March 30 will be his last day at the fund, according to the San Diego Union-Tribune.

The last six months of White’s tenure were defined by negative media attention relating to the fund’s investment strategy, which employed extensive use of leverage.

More from the San Diego Union-Tribune:

“SDCERA has enjoyed great success, which I expect will continue,” White said in a statement. “Serving as SDCERA’s CEO has been an incredibly rewarding professional experience.”

White’s announced severance will be $250,000, about one year’s pay, plus accrued vacation and sick leave.

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White’s duties will be taken over on a temporary basis by management consultant David Wescoe, a career financial professional who is credited with turning around the troubled San Diego city pension system nearly a decade ago.

White, 64, was the first and only chief executive officer of the pension system as an independent agency. He joined the organization in December 1996, when the fund separated from the county treasurer’s office.

SDCERA has recently lost two other top-level officials: chief operating officer Mark Mimnaugh and general counsel Steven Rice. Neither has been replaced.