Alaska Permanent Fund starts hunt for CEO

The sovereign fund’s chief financial officer will continue to serve as acting executive director until the position is filled.

The Alaska Permanent Fund Corporation (APFC) will post a job ad on its website as it begins its search for a chief executive/executive director, the organisation said this week in a statement. 

The position was previously held by Michael Burns, who retired last month due to health reasons. After convening a special meeting, APFC's board of trustees instructed staff to prepare a recruitment bulletin to be posted on the website by July 17.

“Qualified applicants will hold a Bachelor’s degree from an accredited university and have experience in a significant leadership position,” APFC said, adding that those interested in applying for the position will be able to do so online. The fund will not be hiring an executive search firm, an APFC spokesperson told Infrastructure Investor

The APFC board aims to fill the position before the Alaska Legislature’s next regular session begins in January 2016.

Until then, Valerie Mertz, APFC's chief financial officer, who temporarily replaced Burns when he retired, will continue to serve as acting executive director, according to the fund's spokesperson.  

APFC was established in 1980 to manage the investments of the Alaska Permanent Fund, a sovereign wealth fund created four years earlier to protect the revenue generated by the state’s oil industry, whose present value is approximately $54 billion. Today, APFC also manages the assets of other funds designated by law, such as the Alaska Mental Health Trust Fund.