SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) named Charles A. Asubonten as its chief financial officer (CFO) to oversee all of its financial systems and risk programs of the $336 billion pension fund.
Asubonten brings more than 20 years of experience in many facets of finance and investments, covering several industries including mining, financials, energy, infrastructure, technology, healthcare, and industrials all across America, Africa, Europe, Australia, and Asia. Most recently, he was the managing director in a private equity firm.
“Charles’ strong leadership capabilities and experience demonstrate his ability to manage CalPERS’ complex financial operations that will benefit the fund over the long-term,” said Marcie Frost, CalPERS chief executive officer (CEO). “As CFO, Charles will continue to move CalPERS forward and help identify new and innovative finance strategies that will strengthen our financial position.”
Reporting to the CEO, Asubonten will be responsible for managing the finance processes, including budgeting, accounting, treasury management, financial planning and analysis, risk management including asset/liability management, prefunding programs, pension contracting, among other executive functions. He will also be part of the executive leadership team and will provide expert consultation and advice to the CalPERS Board.
Over the course of his career he has served as a chief financial officer, group controller, finance director, treasury analyst, systems analyst, auditor, and accountant. His vast knowledge includes corporate finance, treasury, financial reporting, risk management, investor relations, strategic planning, process improvements, board governance, investment structuring, and private equity.
Reacting to his appointment, Asubonten stated: “As the pension conundrum continues to pose challenges for plan sponsors globally, working at a pension fund is akin to fulfilling a sacred obligation as sponsors work to identify strategies to meet the promised benefits to retirees and beneficiaries, engendering security and dignity.”
He continued: “Under Marcie’s leadership and working with the board, we shall deploy all the optimal financial tools to deliver pension and other benefits for those who serve California.”
Asubonten holds a Bachelor of Business Administration in accounting from North Carolina Central University and an MBA in finance and corporate strategy from the Ross School of Business at the University of Michigan. He has also earned an advanced diploma in corporate governance from the Financial Times board of directors Non-Executive Director program in London. He is a Certified Public Accountant (CPA), licensed in Michigan. He is also a Chartered Financial Analyst (CFA) ® charterholder.
Asubonten will begin as CFO on October 2, 2017.
Marlene Timberlake D’Adamo, who was serving as interim CFO, will return to her role as chief compliance officer as a direct report to the CalPERS CEO and will be part of the executive leadership team.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. For more information, visit www.calpers.ca.gov.