Ohio State announced Thursday that it plans to appoint a new chief investment officer.
John Lane — former director of investments at Ohio Public Employee Retirement System — has been named vice president and CIO for OSU, according to a Thursday press release from the university. The appointment is expected to be confirmed by the OSU Board of Trustees at its Oct. 29 meeting, the release states.
Lane will earn a base salary of $575,000 effective Oct. 29, OSU spokeswoman Amy Murray said in an email.
He will oversee OSU’s $3.4 billion long-term investment pool, including a $1.7 billion endowment.
The CIO position — which was established in 2008 — was created to manage long-term financial assets, which includes the oversight of the Long Term Investment Pool, “a diversified portfolio that contains pools of capital that includes the university endowment, the foundation endowment and operating funds,” the release states.
Michael Papadakis currently serves as the vice president, treasurer and interim CIO. Papadakis is earning $357,100 for his interim role, Murray said.
Papadakis replaced former CIO Jonathan Hook, who left the university in May because he felt he wasn’t able to achieve all he wanted for the Office of Investments.
“Some things we just were not able to get done, things the school did not want to do, my decision was the school was not going to move forward to help us get to best practices,” Hook told The Lantern in the spring. “So my decision was if the school was not going to finish the job I’d make the decision to go elsewhere.”
Hook’s 2013 salary was $627,300.
Lane, the next CIO, has also served as director of pension investments for Eastman Kodak Co. and as CIO for the Pennsylvania Public School Employees’ Retirement System.
“John possesses the expertise and sense of public purpose to ensure we continue to be outstanding stewards of our financial resources and the gifts entrusted to us by our generous donors,” OSU President Michael Drake said in a released statement.