HELENA, Mont. (AP) — State budget director Dan Villa has been chosen as the next executive director of the Montana Board of Investments.

The current executive director, David Ewer, tells the Great Falls Tribune that Villa will begin his new job on Oct. 1 at an annual salary of $195,000.

Ewer is retiring on Oct. 1.

The board oversees the investment of about $18.5 billion in state funds, including insurance and pension funds.

Villa succeeded Ewer as state budget director in 2009 when Ewer took the Board of Investments job.

Gov. Steve Bullock's staff said Wednesday that Villa had not yet submitted his resignation and a timeline for transitioning to the new job has not been set.

The governor's next two-year budget proposal will be unveiled in November.

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Information from: Great Falls Tribune, http://www.greatfallstribune.com