What's up at CalPERS?

When Fred Buenrostro, CEO of the California Public Employees' Retirement System, said he would step down after more than six years, he joined some other top executives in leaving the giant pension. Chief Investment Officer Russell Read announced his resignation to pursue opportunities in "green" investments. Christianna Wood, who was in charge of stocks and some hedge funds, also left this year. So what's going on? CalPERS lost 1.2 percent in the year ending Feb. 29. But over five years, it has generated an average annual return of 14.2 percent, Forbes notes. There have been rumors of clashes between top executives and the always-hard-to-get-along-with board. But people are publicly downplaying that. It may be good old-fashioned greed. These guys can make a whole lot more money in the private sector.  

For more:
- here's the Forbes article

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