Photo by Matt Mersel
The University of California Regents approved the recommendation made by UC Regent President Mark Yudof on Thursday, July 18, which called for Melvin L. Stanton and Randolph E. Wedding to become the new Co-Acting Chief Investment Officers until the Regents can find the next successor.
This comes in response to the recent retirement of Chief Investment Officer Vice President – Investments, and Acting Treasurer Marie N. Berggren, effective July 2, 2013. The Regents unanimously agreed that both Stanton and Wedding will become the Co-Acting Chief Investment Officers for the time being.
According to the Committee on Compensation Report, “the Chairman of the Board of Regents will appoint a special committee to consider the selection of a new Chief Investment Officer and Vice President. However, due to the complexity of the search, it is anticipated that it will be a number of months before a successor is selected. The appointment of Mr. Stanton and Mr. Wedding as Co-Acting Chief Investment Officers is requested to ensure that the Office of the Chief Investment Officer has adequate leadership in place during the recruitment process.”
The Board of Regents also agreed on six items in regard to the new Co-Acting Investment Officers, including no change in compensation, that both Stanton and Wedding are eligible to participate in the Office of the Treasurer Annual Incentive Plan, and the continuation of standard pension and health and welfare benefits for Stanton and Wedding.