Investment Chief Resigns from California Teachers’ Pension Fund

News release

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.