Los Angeles County Retirement System Fires CEO
The Los Angeles County Employees Retirement Association Association (LACERA) is the largest county retirement system in the United States with net assets of more than $56 billion. Its two governing boards, the LACERA Board of Administration and the LACERA Board of Investments, voted to terminate CEO Ms. Lou Lazatin effective June 7, 2019.
According to the LACERA Spotlight, the agency's member newsletter, "The Boards and a joint board committee conducted a performance evaluation of Ms. Lazatin in closed session over the course of several meetings spanning four months from February to May 2019, as permitted under California law. Each closed session was duly posted on a public agenda. Through the performance evaluation process and lengthy deliberations, the Boards decided to dismiss Ms. Lazatin from her position." No reason for Ms. Lazatin's dismissal was made public.
According to the journal Chief Investment Officer:
.... Lazatin became CEO in November, replacing Robert R. Hill, the temporary chief during the Los Angeles fund’s hunt for Gregg Rademacher’s successor. Rademacher retired in October 2017. Hill went back to his role as assistant executive officer after Lazatin’s appointment to help with the transition.
This was Lazatin’s first stint at a public pension fund during her executive career. According to the ex-head’s LinkedIn profile, her C-suite run was previously confined to the health care industry. She last was CEO at Shriner’s Hospitals for Children of Southern California, and earlier spent eight years as president and chief of Saint John’s Health Center, where she had also reportedly been fired, according to the Los Angeles Times. ....