February 9, 2018 – Executive search and leadership solutions provider Korn Ferry has been selected by the Missouri State Employees’ Retirement System (MOSERS) to lead its search for a new executive director.
Senior client partner Michael Kennedy is heading the assignment.
The pension fund’s previous executive director, John Watson, recently stepped down and legislative and policy coordinator Ronda Stegmann is leading the $8.1 billion pension fund on an interim basis. Executive search firm EFL Associates was hired for the search that brought in Mr. Watson.
“On behalf of the MOSERS board of trustees, I would like to thank John for his many years of service to the state of Missouri and his leadership at MOSERS,” said Shannon Owens, chairwoman of the MOSERS board of trustees, in a statement. “John has led the retirement system through significant changes while maintaining high quality service to our members. The board is grateful to John for his important contributions.”
Ms. Stegmann joined Jefferson City-based MOSERS three years ago. She had been executive director of the state legislature’s Joint Committee on Public Employee Retirement. “The board voted unanimously to appoint Ronda and we have full confidence in her ability to lead MOSERS,” said Ms. Owens.
Additional information about that process, as well as a timeframe for the search process, “will be shared with stakeholders as it becomes available” the organization said.
MOSERS, which is governed by Missouri law, provides retirement, long-term disability, and life insurance benefits to its members. Its defined benefit plans serve nearly 114,000 members, including about 49,000 who are active, more than 47,000 retirees/survivors and 16,700 terminated-vested members. MOSERS is run by an 11-member board. The executive director is appointed by and reports to the board.
Korn Ferry’s structured global impact investing team draws upon its expertise in a number of areas, including non-profit, social enterprise, philanthropy, financial services, energy, education, healthcare, real estate, technology, public-private partnerships, CEO, boards, leadership development and succession planning.
Mr. Kennedy, who is located out of the firm’s Atlanta office, brings broad private equity and corporate finance experience to his executive recruiting. He has conducted senior-level searches in a wide array of investment banking and capital markets areas, including mergers and acquisitions, corporate finance, loan syndications, structured finance and asset management. He leads Korn Ferry’s efforts in the pension sector and has conducted searches for pension funds, endowments and foundations. Mr. Kennedy was appointed by President Obama to serve as chairman of the Federal Retirement Thrift Investment Board, the largest pension fund in the country, and has been confirmed by the United States Senate.
State Retirement Funds Seeking New Leaders
In the U.S., public sector pensions are offered by federal, state and local levels of government. They are available to most, but not all, public sector employees. The field has been about as robust for executive recruiters as any other related sector within financial services.
Here’s some recent search activity covered by Hunt Scanlon Media.
EFL Associates Finds New Leader for Illinois Municipal Retirement Fund
EFL Associates has placed Brian Collins as the seventh executive director of the Illinois Municipal Retirement Fund (IMRF). Mr. Collins previously served as the chief financial officer and director of finance and administration for the city of Memphis.
Heidrick & Struggles Lands Chief Investment Officer for SURS
Heidrick & Struggles recruited Douglas C. Wesley as chief investment officer of Illinois State Universities Retirement System (SURS). The organization announced last year the retirement of past CIO Danial Allen. Mr. Wesley has been SURS’ deputy CIO since 2005 and has been with the retirement system for 19 years.
Egon Zehnder Lands New CEO for AIG
Egon Zehnder recruited Brian Duperreault as the new CEO for American International Group (AIG). Mr. Duperreault previously served as CEO of Hamilton Insurance Group, a Bermuda-based holding company. AIG is one of the world’s largest and best branded insurance organizations.
EFL Associates Recruits CIO for the Colorado Retirement Association
EFL Associates placed Amy C. McGarrity as chief investment officer of the $44 billion Colorado Public Employees’ Retirement Association. Ms. McGarrity has held investment positions in both the private and public sectors.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media