APFC would like to update our fellow Alaskans on the status of the search for an Executive Director who will work with the Board of Trustees in setting the strategic vision and direction of the Corporation, fulfilling our corporate mandate to manage and invest the assets of the Permanent Fund and other funds designated by law.
“In APFC’s search for the next Executive Director, the process has been deliberative and focused on ensuring that there is a strong, well-vetted candidate pool and clear direction from the Board,” noted Valerie Mertz, the Acting Executive Director. “Ultimately, Alaskans will have the opportunity to listen to the Board’s public interview of the final candidates and will recognize their determination in selecting a well-qualified leader in support of the long-term health and success of the Corporation.”
Conducting the recruitment on behalf of APFC is Alaska Executive Search (AES), now called People AK, a trusted Alaska recruitment resource for more than 40 years. AES was awarded the recruitment contract following a competitive procurement process.
The State’s procurement rules elongated the initial phase of the recruitment effort after APFC conducted a pre-procurement request for information to collect data, including anticipated costs, from competitive vendors in the industry. The RFI determined the need for a competitive procurement process in selecting an executive search firm to assist the APFC Board of Trustees to recruit and select a new Executive Director.
Once AES was awarded the contract, the strategy included identifying highly qualified candidates with the skills and ability to lead APFC and effectively collaborate with the Board of Trustees in achieving our corporate vision of delivering outstanding returns for the benefit of all current and future generations of Alaskans.
AES and APFC have established a Recruitment Committee to vet candidates and conduct preliminary interviews. APFC’s Recruitment Committee is comprised of Board Chair Richards, Trustee Schutt, Acting Executive Director & Chief Financial Officer Valerie Mertz, Chief Investment Officer Marcus Frampton, and Chief Risk & Compliance Officer Sebastian Vadakumcherry.
Given the caliber of candidates sought and current interest in the position, these initial interviews are targeted for this month. Once the preliminary interviews, are complete the Recruitment Committee will forward the leading candidates to the full Board of Trustees for consideration during a public interview process. APFC expects to conduct the Executive Director interviews during a Special Board meeting that will likely be scheduled in October. Final candidate information will be included in the publicly available board packet, and the meeting will be publicly noticed per the Open Meetings Act.
The Board is grateful to the APFC’s professional staff for their steadfast dedication to the stewardship of the Fund. While filling this position has taken longer than initially expected, the Corporation’s staff have demonstrated their commitment and fortitude, ensuring the ongoing performance and success of the Permanent Fund for the benefit of all generations of Alaskans.
The Board of Trustees and staff look forward to welcoming a new Executive Director this fall to build upon and enhance our mission-driven, dynamic investment management of Alaska’s most valuable renewable financial resource.
