CalPERS CEO Moves to Top Post At the World Gold Council.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--Aug. 12, 2002 James E. Burton, Chief Executive Officer of the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees Retirement System today announced he will leave the System August 23, 2002 to assume new duties as Chief Executive Officer of the World Gold Council. Mr. Burton had previously announced his planned departure by year-end. The World Gold Council, based in London, is an association of the world's leading gold mining companies. Burton's appointment is part of recent action by the Council's Executive Committee to reinvent re·in·vent tr.v. re·in·vent·ed, re·in·vent·ing, re·in·vents 1. To make over completely: "She reinvented Indian cooking to fit a Western kitchen and a Western larder" the organization and bring clearer focus to achieving its mandate. "This new challenge provides an excellent opportunity for me to use my investment experience and leadership capabilities to help this organization refine and achieve its strategic imperatives," Burton said of his new post. "Gold has excellent prospects for the future, and I am excited by the challenge of educating investors on its attributes." The CalPERS Board of Administration expects to name an interim CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. shortly, and is on schedule to identify Burton's permanent successor within the next two months. Burton served as the CEO for nearly eight years. Under his leadership, CalPERS assets grew from $78 billion to $140 billion. Among his lasting accomplishments are the organization's commitment to strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , emphasis on quality service for customers, inclusion of stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. input in major policy decisions, expansion of the corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. program to the international arena, and dedication to high performance as well as growth and development of System staff. CalPERS is the nation's largest public pension fund. The System provides retirement and health benefits to 1.3 million State and local public employees and their families. For further information on CalPERS, please visit the System's web site at www.calpers.ca.gov. |
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