LOS ANGELES — Brian White, chief executive officer of the $10.4 billion San Diego County Employees Retirement Association, resigned March 19 after months of turmoil at the fund.
White's tenure will end March 30, according to spokesman Dan Flores.
The Board and White have signed an agreement that replaces his 1999 SDCERA employment agreement with a separation agreement that provides White with a $250,000 severance payment, Flores said.
In closed session, the board voted 8-1 to accept the separation agreement.
"On behalf of the Board of Retirement, I want to recognize Brian's many contributions to SDCERA," E. F. "Skip" Murphy, SDCERA's board chairman, said in a prepared statement. "Brian has worked tirelessly on behalf of SDCERA, its trustees, members and staff for 18 years. Under his leadership, SDCERA has experienced tremendous growth."
The pension fund's assets grew from roughly $3 billion to a record $10.5 billion during White's tenure, said David Wescoe, who will be interim CEO.
"I have spent almost two decades as SDCERA's CEO, and am very proud of the organization's growth and accomplishments during my tenure," White said.
SCDERA already had a search underway for a new chief financial officer, a general counsel and in-house chief investment officer.
Wescoe, president of Efficient Market Advisors, SDCERA's management consultant, will act as interim CEO until the board hires someone to permanently fill the position. The board hired the firm and Wescoe in February to handle its other executive searches.
Wescoe has served as CEO, CFO and General Counsel with both public and private companies, including two multibillion dollar pension plans, according to SDCERA.
"The Board has been working with David in filling several key management vacancies, and we are confident in his ability to lead SDCERA while we move forward with a search to replace Brian," Murphy said.
The pension fund is an independent association established in 1937. It administers retirement and associated benefits for eligible San Diego County employees and other participating employers providing services to 39,500 active, deferred and retired members.
