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SACRAMENTO, CA – JULY 21: A sign stands in front of California Public Employees’ Retirement System building July 21, 2009 in Sacramento, California.
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California Public Employees’ Retirement System Investment Chief Ben Meng has resigned after about a year and a half in the position at the nation’s largest pension fund, according to the fund.
It marks an abrupt exit for the investment chief, who set out to implement a reform agenda at the giant pension. Mr. Meng cut ties with a real-estate developer on a high-profile hometown property project, fired underperforming stock pickers and pushed staffers to take a closer look at private asset valuations.
The resignation was effective Wednesday. Dan Bienvenue, deputy chief investment officer, will serve as interim chief investment officer.
The fund didn’t give a reason for Mr. Meng’s resignation. He had been scheduled to have at least one group call with staff on Thursday, a person familiar with the matter said.
