Oregon PERS Chooses Next Executive Director

NOW HIRINGPaul Cleary, who for ten years has sat at the helm of the Oregon Public Employees Retirement System, announced this summer that he would retire in December.

Since then, the Oregon PERS has searched for its next executive director. They’ve now announced their decision to promote from within: the next executive director will be Steve Rodeman, who currently serves as the fund’s deputy director.

The move comes on the heels of a push to move more of the fund’s investments in-house. From Chief Investment Officer:

Steve Rodeman, the deputy director of Oregon’s Public Employees Retirement System (PERS), has been chosen as the pension’s new executive director.

On Friday, the PERS board voted unanimously to elect the 13-year veteran to the post, local news website oregonlive.com reported.

In March, state lawmakers and public pension representatives pushed for legislative reform to align fiduciary responsibility and bring risk and portfolio management in-house.

Under current governance policy, the treasurer has authority over investment and personnel oversight and cash management via the Oregon Investment Council (OIC). As a result of this structure, the state has had to outsource much of its risk and portfolio management to Wall Street money managers.

Although Rodeman has been with PERS for more than a decade, his role has been on the operational rather than investment side of the organisation.

No official comment had been made by Oregon PERS at the time of going to press.

PERS considered 30 applicants for the job.

Rodeman will be paid an annual salary of $168,000.


 Photo by Nathan Stephens via Flickr CC License