CalPERS names Michael Cohen as new CFO

The $362 billion California Public Employees’ Retirement System has named Michael Cohen its new CFO to oversee all financial systems and risk programs of the pension fund.

Cohen, who stepped down as the director the California Department of Finance last week, has more than 20 years of experience in government, with expertise in executive and financial leadership. Cohen had served as director of the Department of Finance since 2013.

“Michael’s experience managing the multi-billion dollar state budget on behalf of Governor Jerry Brown makes him a perfect fit to manage CalPERS’ complex financial operations,” said Marcie Frost, CalPERS CEO. “As a CFO, Michael will continue to move CalPERS forward, and help identify prudent and innovative finance strategies that will strengthen our financial position.”

Cohen will begin as CFO on Oct. 1, 2018.

Cohen will report to the CEO and be responsible for managing the finance processes, including budgeting, accounting, cash management, financial planning and analysis, and risk management projects. He also will be part of the executive leadership team and will provide expert consultation and advice to the CalPERS board.

The CalPERS CFO is not part of the Investment Office and not involved in investment decisions.

Prior to becoming director at the Department of Finance, Cohen served as chief deputy director of the department from 2011 to 2013. In this capacity, he was the department’s lead contact with the California Legislature on the state budget. From 1997 to 2010, Cohen worked at the nonpartisan Legislative Analyst’s Office, serving as a local government finance analyst, director of state administration, and deputy legislative analyst.

Marlene Timberlake D’Adamo, who has been serving as interim CFO, will return to her role as chief compliance officer. She reports to the CalPERS CEO and is part of the executive leadership team.