Fred Buenrostro Jr to step down from the CEO position

2008-04-29 17:37:57 (GMT) (Caymanmama.com - Business News)

Sacramento, California.

The Associated Press reported that the CEO of Retirement System of California Public Employees announced he would step down in order to practice opportunities in private sector on Monday. Fred Buenrostro Jr. is leaving his position after 6 years as the chief administrator of the nation’s largest public pension system.

Buenrostro said that the media reports of his leaving due to the friction between board of retirement system and were incorrect and unwarranted.

In one of his public statements, Buenrostro said, “I had previously chosen not to publicly discuss my conversations with the board to give them an opportunity to pick the timing of an announcement. But recent press reports compel me and the board president to speak on this topic today.”

Rob Feckner, the president of board said he had “for a long time had emphasized that he did not plan to remain at Calpers for many more years.” Feckner said, “Like so many other CEOs and senior executives here who have given up lucrative private sector opportunities to serve the public, he has over time talked more and more about wanting to consider the time left in his career to pursue exciting opportunities in the private sector.”

Feckner further added, “Media reports that raised a specter of controversy between him and the board are exaggerated. Anyone who knows Calpers knows that part of our success as an organization is our willingness to speak frankly and debate the issues. It comes with the territory.”

The pension fund of $254.8 billion provides few retirement and health care services for nearly 1.5 million civic employees.

Fred Buenrostro Jr to step down from the CEO position

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