CalPERS CEO to Resign

May 15, 2002 ( - CalPERS' chief executive officer James Burton will step down this fall to pursue a career in the private sector.

Burton joined CalPERS in 1992 as Assistant Executive Officer for Investment Operations. Before joining the pension fund, he was a Deputy State Controller for the state of California.

While his departure comes at a time when the fund is experiencing its worst performance in 17 years, CalPERS attributed its growth over the past several years to Burton. Since becoming CEO in the fall of 1994 the fund has grown from $78 billion to nearly $150 billion.