Connecticut investment officer resigns after 10 days
HARTFORD, Conn. (AP) — Connecticut’s chief investment officer, who was hired with glowing praise to oversee the state’s $34 billion pension fund, unexpectedly resigned last month after just 10 days.
State Treasurer Denise Nappier called Sean Crawford’s departure “an unfortunate situation,” reported The Hartford Courant. Crawford started the job on May 14. The position pays a salary of $325,000 a year.
Crawford was tapped to oversee the Connecticut Retirement Plans and Trust Funds following a search that lasted over a year. He was unanimously approved by the state’s Independent Advisory Council.
Nappier praised Crawford’s “hands-on experience” and “depth of knowledge” at the time of his hiring.
Crawford worked in private investment banking at firms that included Barclays and Brown Brothers Harriman. He managed $15 billion in funds at New York’s Metropolitan Transportation Authority before he was hired as Connecticut’s chief investment officer.
Laurie Martin replaced Crawford as chief investment officer. Martin worked as deputy chief investment officer and then interim CIO for over a year.
Crawford could not be reached for comment Monday.
Nappier announced earlier this year she wouldn’t seek re-election to a sixth term in office. The state’s pension and trust funds have grown from $19 billion to $34 billion during her tenure.
Her critics describe an office that is plagued by “continual turnover.”
Republican gubernatorial candidate Timothy Herbst ran against Nappier in 2014 and lost.
“To work for her is not exactly the model job,” Herbst said.
Republican treasurer candidate Thad Gray offered more criticism of Nappier’s office.
“We need new leadership to bring continuity and professionalism in that office,” Gray said.
Information from: Hartford Courant, http://www.courant.com