CalPERS announced today that Dennis Johnson, Director of Corporate Governance, will be leaving CalPERS to become Managing Director of Shamrock Activist Value Fund. He also intends on stepping down from the post as Chair of the Council of Institutional Investors Board of Directors.
Johnson has served three years as Director of Corporate Governance for CalPERS. The Corporate Governance Office of CalPERS oversees a $7 billion corporate governance investment program, manages the Focus List program, governance policy development, and corporate engagement programs.
“This is an opportunity of a lifetime,” said Johnson. “It is a perfect match of my corporate governance activism experience and my investment expertise. I have immensely enjoyed this opportunity to serve in the public sector and have so very much appreciated the 1000 percent support from our Board, Executive Staff and the entire Investment Office. This new position is the next step on my career ladder. It presents a tremendous opportunity to apply my passion in a private sector environment and an opportunity to work for a company that shares the vision for high standards of corporate governance.”
Board President Rob Feckner said “the System has benefited greatly from Dennis’ leadership. We certainly understand that we compete in both the public and private marketplace for talent, and wish him well. Dennis will be missed, but he is leaving behind a strong team to move us forward.” A search for his replacement will be discussed shortly. In the interim, Eric Baggesen, Senior Investment Officer, Public Equities will assume day-to-day leadership of the 17-member Corporate Governance team until a replacement is chosen.
Baggesen, whom Johnson reported to, also praised Johnson, noting that he and his team achieved support of 65 percent of votes cast for all CalPERS shareowner proposals last season, alone.