There has been a big shakeup at the top of the Chicago Teachers Pension Fund over the last two weeks.
First, the fund announced that its executive director would be resigning.
Now, the fund’s chief investment officer says she will be leaving for another job as director of investments for the W.K. Kellogg Foundation.
From Chief Investment Officer magazine:
Carmen Heredia-Lopez, current CIO of Chicago Teachers Pension Fund, has been tapped to lead the W.K. Kellogg Foundation’s $8.3 billion portfolio.
According to the foundation, Heredia-Lopez will begin her post on December 1, 2014. As director of investments, she will report to Vice President and CIO Joel Wittenberg.
At the Battle Creek, Michigan-based philanthropy, she will be responsible for “driving further development of the foundation’s mission-driven investment strategy and managing emerging diversity-owned firm work and diversified assets,” the foundation said.
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Heredia-Lopez has been at the helm of the $10.8 billion Chicago Teachers Pension Fund since January of 2013. Prior to taking over the CIO position, she served as the fund’s director of investments for two-and-a-half years.
She also worked as an investment analyst at the Illinois Municipal Retirement Fund for more than four years after spending a decade in asset management and investment banking.
The fund’s executive director, Kevin B. Huber, has resigned and his last day at the fund will be December 31.
A search for a new chief investment officer may not start until a new permanent executive director is found.