Tag: south carolina retirement system investment commission

South Carolina Pension Investment Commission Names New Executive Director

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The South Carolina Retirement Investment Commission hopes it has found long-term leadership with its newest hire today.

The Commission, which oversees the state’s pension investments, has hired Michael Hitchcock to be its executive director. As reported by the Associated Press:

For the second time in three months, the agency investing South Carolina’s pension portfolio has named an executive director.

The Retirement Systems Investment Commission voted 4-2 on Tuesday to hire Michael Hitchcock, who takes the job Sept. 8. Hitchcock has been the chief attorney and assistant clerk of the South Carolina Senate since 2001. His salary will be $230,000.

Pension360 had previously covered the resignation of Sarah Corbett, who became executive director on June 3 but resigned from the position after two months.

Previous to Corbett, the Commission didn’t have an executive director position. It created the position last Spring.

The Commission manages nearly $30 billion worth of assets

Director of South Carolina Pension Investment Commission Abruptly Resigns Two Months Into Tenure

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The executive director of the South Carolina Retirement System Investment Commission has abruptly resigned after just two months on the job.

Sarah Corbett, who was named executive director on June 3, reportedly submitted her resignation earlier this month. News didn’t break of the resignation until Wednesday afternoon.

The Investment Commission invests and manages all assets for the South Carolina Retirement System. In all, the Commission manages nearly $30 billion worth of assets.

More from Pensions and Investments:

Ms. Corbett resigned from the commission for “personal reasons,” primarily to spend more time with her young family, said Edward N. Giobbe, chairman of the investment commission, in an interview. He added “the commission will determine the process for hiring a new executive director.”

Ms. Corbett was the commission’s first executive director. The position was created as one of the first recommendations to be implemented from a fiduciary audit report from Funston Advisory Services.

Ms. Corbett had served on the Commission for 15 years, previously holding the positions of Deputy Chief of Staff and Operational Due Diligence Director.