The California Public Employees' Retirement System named Fred Buenrostro, a longtime state official who has served on its board for more than 12 years, as chief executive of the nation's largest public pension fund.
Buenrostro, 52, succeeds James Burton, who left in August to become CEO of the World Gold Council.
Currently the No. 2 executive at the Department of Personnel Administration, Buenrostro will be responsible for the operations of CalPERS, which manages $135 billion and provides health and retirement benefits to 1.3 million workers and their families, and for carrying out the programs and policies of the pension fund's 13-member board, which has sole power over investments and administration.
He will oversee 1,600 employees and an annual budget of more than $241 million.
Buenrostro's salary wasn't disclosed.