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Photo by Max Whittaker/Getty Images

Elisabeth Bourqui has resigned as the chief operating investment officer at CalPERS, America's largest public pension system, according to an internal email obtained by Axios. She will be succeeded on an acting basis by global equities chief Dan Bienvenue.

Why it matters: Turnover continues to plague CalPERS, which manages $340 billion for public employees in California.

Bourqui joined just eight months ago, having stepped down as ABB Group's head of pension assets and liabilities. One month later, the only higher-ranking investment officer — CIO Ted Eliopolous — resigned, and was replaced this past September by Ben Meng. One year earlier, CalPERS was forced to oust its CFO, for misstating his work history.

Below is the email Meng sent today to CalPERS staff:

Good morning,

Elisabeth Bourqui has submitted her resignation as CalPERS Chief Operating Investment Officer (COIO) effective today.

I’m pleased to share with you that I have appointed Dan Bienvenue to serve as our Acting COIO.  Dan has been a strong leader in our Investment Office for more than 14 years overseeing more than $150 billion in Global Equity. I’m confident that Dan has the skills and expertise to fulfill this role and partner with our Investment Office leadership team to execute our investment strategies.  Dan will continue to provide guidance to our Global Equity team in addition to his acting position.  During this time, our Investment Compliance and Operational Risk program will report to Eric Baggesen. 

I want to thank Dan in advance for his commitment to CalPERS and I look forward to working with him in the coming months.  A recruitment for a permanent COIO will begin immediately.

Ben

Go deeper

3 hours ago - Politics & Policy

Trump to issue at least 100 pardons and commutations before leaving office

Photo: Mandel Ngan/AFP via Getty Images

President Trump plans to issue at least 100 pardons and commutations on his final full day in office Tuesday, sources familiar with the matter told Axios.

Why it matters: This is a continuation of the president's controversial December spree that saw full pardons granted to more than two dozen people — including former Trump campaign chair Paul Manafort, longtime associate Roger Stone and Charles Kushner, the father of Trump's senior adviser and son-in-law, Jared Kushner.

  • The pardons set to be issued before Trump exits the White House will be a mix of criminal justice ones and pardons for people connected to the president, the sources said.
  • CNN first reported this news.

Go deeper: Convicts turn to D.C. fixers for Trump pardons

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.

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