- Associated Press - Thursday, July 14, 2016

SACRAMENTO, Calif. (AP) - The California Public Employees’ Retirement System is naming a new chief executive.

CalPERS announced Thursday that Marcie Frost will replace former CEO Anne Stausboll beginning Oct. 3. Stausboll retired at the end of June as head of the nation’s largest public pension fund.

Frost joins CalPERS from Washington state, where she served as executive director of the department of retirement systems since 2013. Her pension industry experience spans 16 years.

CalPERS president Rob Feckner says board members unanimously selected Frost. In a press release, he cited her leadership, innovation and teamwork abilities, as well as emphasis on customer satisfaction.

The fund serves more than 1.7 million retirees and its health program includes nearly 1.4 million members.

Officials say Doug Hoffner will serve as interim CEO until Frost takes over.

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