The California Public Employees’ Retirement System, known as CalPERS, named Marcie Frost as the pension funds’ new chief executive officer, effective Oct. 3. Frost will replace Doug Hoffner, who became interim CEO after former CEO Anne Stausboll retired on June 30. Frost will join CalPERS after a 16-year stint at the Washington State Department of Retirement Services, where she most recently served as executive director. With a total market value of about $301 billion, CalPERS is currently the U.S.’s largest defined-benefit public pension. “The selection of Marcie was unanimous by the CalPERS Board members involved,” said CalPERS board president Rob Feckner. “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.”
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