California ousts pension president after tumultuous year

AP ^ | 12/1/4 | JIM WASSERMAN

[SmithL]

SACRAMENTO -- The nation's largest public pension fund fired its president Wednesday following a tumultuous year in which he became an outspoken advocate for reform in the board room.

In a 3-2 vote, the state Personnel Board pulled Sean Harrigan from his post at the $177 billion California Public Employees Retirement System, a major player in the investing world. Harrigan was elected as CalPERS board president in February 2003.

Harrigan described his possible ouster earlier this week as retaliation for CalPERS stands that included withholding support from directors of 2,400 companies, and persuading fellow institutional investors to withhold votes from Michael Eisner as chairman of the board at Walt Disney Co.

His positions angered segments of the nation's business establishment, including Disney and the U.S. Chamber of Commerce.

A longtime organized labor official, Harrigan also led a drive last May to withhold votes from the CEO of Safeway while a union was on strike against the grocery company.

At the time, California Chamber of Commerce President Alan Zaremberg said the move by Harrigan represented "an effort by organized labor to intervene in the corporate board room rather than settle issues at the bargaining table."

[SmithL]

Good News!

Harrigan was nothing more than a Union activist.

[proxy_user]

True, but on the other hand you don't want to give a blank check to hired employees who pay themselves hundreds of millions a year while ruining the company.

[eno_]

Calpers was all hat no cattle when it came to real reform of corporate governance. Noisy, political. Not the kind of leadership you want managing your retirement money.

[Carry_Okie]

Withholding a vote for Eisner has my appreciation.

That creep has done nothing but loot the Disney family jewels.

[proxy_user]

No, but for the individual investor, it helps if institutional holders vote against management. That puts pressure on them to behave better.

As for why they vote the way they vote, that's not my problem.

[NormsRevenge]

excerpt from AP article on Bakersfield.com re: replacement

Activist CalPERS president loses post after tumultuous year


http://www.bakersfield.com/state_wire/story/5115730p-5161474c.html



In a 3-2 vote in San Francisco, the California state Personnel Board pulled Harrigan from his CalPERS post after five years, and replaced him with Ron Alvarado, whose background is more aligned with the private business sector.

[lainie]

So was the guy a typical liberal union buster? what does "major advocate for reform in the board room" mean..good or bad?

[Ernest_at_the_Beach]

For your info waspman!

[SierraWasp]

Sorry for buttin in, but that means he was chit-canned for trying to do to corporate America what CalPers did to South Africa by dis-investing in Companies and Corporations that didn't bend to their LIBERAL "PC" WILL!!!

[SierraWasp]

Well, at least he didn't fund every danged GANG-GREEN militant EnvironMental Whacko Group like his predecessor, Frank Wells who died in a plane crash!!!

But I agree... Eisner needed removal, as well! In fact any company that has convinced a couple of generations of children that trees and animals share human characteristics of thinking, reasoning and talking needs it's whole corporate head examined!!!

[tubebender]

So was the guy a typical liberal union buster?

No. Harrigan was a "Certified Union Thug" who exceeded his level of competence...

[Ernest_at_the_Beach]

So what do we know about the new guy?

Ron Alvarado, whose background is more aligned with the private business sector.

[SierraWasp]

I'm pretty much for almost anybody who is aligned with the private commercial business sector, unless they're a liberal Demonicrat!!!

I don't know anything about this new guy, do you?

[Ernest_at_the_Beach]

NO, but I am an outsider in California.

[Ernest_at_the_Beach]

Found this:

_______________________________________________________

Ron Alvarado, Vice President

Information

Ron Alvarado has a career that spans both the private business sector and all three levels of government: federal, state and local.  In government, at the federal level he has served as Special Assistant to the President for Intergovernmental Affairs; at the State level as Undersecretary of the California State and Consumer Services Agency and as Undersecretary of the California Health and Welfare Agency.  At the local level, he served on the Sacramento County Civil Service Commission and its Blue Ribbon Commission on Civil Service Reform.

In the private sector, Ron has been a vice president of a national real estate development company and is a partner in a national facilities services company.  He has also directed the public-private partnership responsible for the management and development of state owned properties in the Sacramento Capitol Area.

Ron earned his B.A. degree in journalism from Seattle University, and his M.A. in international studies and economics from the Monterey Institute. 

[Ernest_at_the_Beach]

He is Vice President of the State Personnel Board .....

[SierraWasp]

"He has also directed the public-private partnership..."

Now... To me, the term "pubic-private partnership" makes me think of a daschund tryin ta screw a great dane!!!

[NormsRevenge]

I made a pass at some research on Ron Alvarado but didn't come up with anything.. so far. I need to check the CALPers bios out ...

Maybe calcowgirl can shed a little light on him when she returns.

[NormsRevenge]

oops, looks like ya got to his bio info already, Thanks.

BA in Journalism. :-?

[Ernest_at_the_Beach]

snigger.....