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Sacramento, CA – Patrick Mitchell, chief investment officer of
the California State Teachers’ Retirement System, has resigned. He
leaves July 15, 2000, to pursue other career opportunities.
"This was not at all an easy decision to make, but the new economy
is providing wonderful opportunities right now. The timing is excellent
for me to begin the next phase of my life and career," Mitchell said.
Mitchell has worked for the nation’s third largest public pension
fund for 12 years, the last three as investment chief. Under Mitchell’s
direction, the investment portfolio grew from $74.8 billion in June, 30
1997, to $113.6 billion by March 31, 2000.
In 1999, the fund posted an 18.3 percent return on its investments. This
was the fifth consecutive year for double-digit returns, with CalSTRS
outperforming 72 percent of the other large public pension funds, according
to the Trust Universe Comparison Service.
"Patrick’s leadership and investment experience will be sorely
missed," said Teachers’ Retirement Board chair Emma Zink. "His
energy and ideas have made CalSTRS a top-tier investment performer among
its peers."
The board will address the recruitment process for Mitchell’s successor
at its May 3 meeting.
"When Patrick came on board, he set himself a number of goals and
objectives to be met in four years and he’s already achieved them
in just three years," said Chief Executive Officer James D. Mosman.
"His vision, drive and skill in leading his staff have made him a
true asset."
The Chief Investment Officer develops and implements strategies for overall
asset allocation, public and private equity, fixed income and real estate
investments.
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