The California Public Employees' Retirement System’s (CalPERS) board of administration has unanimously voted Marcie Frost as the pension fund's new CEO, effective 3 October.
Frost will replace Anne Stausboll, who retired at the end of June.
Doug Hoffner, previously CalPERS deputy executive officer for operations and technology, will serve as interim CEO.
Frost has 16 years of experience in the pension industry, having most recently served as the director of the Washington State Department of Retirement Systems. Frost also serves as an ex officio member of the Washington State Investment Board.
"Marcie Frost is a seasoned public pension fund administrator and we couldn't be happier that she will lead the fund and be part of our CalPERS family," said Rob Feckner, president of the CalPERS board.
"She has demonstrated throughout her career strong leadership and innovation, an emphasis on customer satisfaction, and team collaboration that will be fundamental to the future of CalPERS."
