Acting on the recommendation of University of California Board of Regents’ Chair Gerald L. Parsky and UC President Robert C. Dynes, UC regents today (June 2) appointed Marie N. Berggren as its new chief investment officer and vice president for investments.

Berggren replaces David H. Russ who stepped down as UC treasurer and vice president for investments in July 2005. In addition to her appointment as chief investment officer and vice president for investments, she will also continue to serve as acting UC treasurer, a post she has held since Russ’s departure from UC.

"I think Marie is great choice to lead the University of California's investment management operation," said Parsky. “I believe her demonstrated financial expertise and management skills, along with her knowledge of the university’s investment strategies and priorities, will help to ensure UC’s long-term financial stability and with it, the university’s service to students, its employees and the public.”

Dynes also expressed his support for Berggren.

"Marie is an able leader and strategist, and I have every confidence in her ability to lead the university's investment staff and to provide sound investment counsel to me, the regents and the rest of the university's leadership," Dynes said

“I am very honored by this appointment, and the opportunity to continue to serve the university in this new role,” Berggren said. “The university has been working very hard in a difficult market environment to achieve consistent investment performance and make good, strategic decisions, and I look forward to working closely with the regents, my staff, and the president’s office to build upon these results.”

In recognition of the size and importance of the university’s investments, the CIO position was created to focus only on investment matters. UC’s current organizational review of the Office of the President has identified that other duties of the UC treasurer may be transferred to the new chief investment officer. Thus, the decision has been made to structure the investment function as independently headed by a CIO, and continue to include the existing treasurer functions in the treasurer’s office on an interim basis until the restructuring of the president’s office is completed.

As chief investment officer, Berggren will receive an annual salary of $375,000, a 34.5 percent increase over her current base salary of $278,800, along with the following additional compensation related items:

Per UC policy, a five percent monthly contribution to the Senior Management Supplemental Benefit Program ($18,750 per year). Per UC policy, an automobile allowance (either in the form of a leased vehicle or a monthly cash allowance of $8,916 per year). Eligibility for a UC housing loan to purchase a primary residence while CIO and VP-Investments. Per policy, vacation accrual at 18 days per year. Per policy, an administrative fund allocation of $6,900 annually for official entertainment and other purposes permitted by university policy. Adjustments may occur annually as permitted by policy. Participation in the UC Treasurer's Office Incentive Plan, with the incentive award as a percentage of base salary to be 50 percent for threshold performance, 100 percent for target performance, and 150 percent for maximum performance. Standard pension and health benefits, and standard senior management benefits including life, travel and salary continuation for disability insurance; A stipend in the amount of $56,250 to continue for the duration of service as acting treasurer.

Service by Berggren on compensated corporate boards will require the prior approval of the chair of the regents and the chair of the regents’ compensation committee, and vacation must be used for such service. Any future changes made to the policy on outside compensated professional activities will apply to Berggren.

Prior to joining the UC treasurer’s office in 2002, Berggren was an investment executive in the private sector. From 1985-2002, she held several leadership positions, including executive vice president, at Bank One Corp. From 1970-1984, she held numerous management positions at First Chicago Investment Advisors (which later became Brinson Partners), including managing director for equities.

She holds a master’s degree in management from the Stanford University Graduate School of Business, and an undergraduate degree in economics from the College of New Rochelle.

Following Russ’s departure in 2005, a search committee to select a new permanent treasurer was formed. The committee members included:

- Robert C. Dynes, UC president, ex-officio regent and search committee co-chair.

- Parsky, UC Board of Regents’ chair and search committee co-chair.

- UC regents Judith Hopkinson, David Lee and Norman Pattiz.

- Jackie Edwards, chair, University of California Retirement System Board.

- Bruce N. Lehmann, professor, Graduate School of International Relations and Pacific Studies, UC San Diego.

- Clifford Brunk , UCLA professor and former Academic Council chair.

- Joseph P. Mullinix, former UC senior vice president for business and finance.

Bruce B. Darling, UC senior vice president for university affairs, served as a consultant to the committee.

The search was conducted with the assistance of Heidrick & Struggles, a national recruiting firm, and candidates from throughout the United States were reviewed by the search committee.

For more information about UC’s investments and the treasurer’s office, please visit: www.ucop.edu/treasurer/

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