WSIB appoints Theresa Whitmarsh as acting Executive Director (February 19, 2009) Olympia - The Washington State Investment Board (WSIB) today appointed Theresa Whitmarsh to serve as acting Executive Director of the agency responsible for investing the state's retirement funds. The Board also agreed to appoint an ad hoc committee to recommend a process for selecting a permanent director. Whitmarsh will step in to replace Joe Dear, who begins his new job as Chief Investment Officer for the California Public Employees Retirement System (CalPERS) next month. Whitmarsh, currently Chief Operating Officer, has been with the WSIB since September 2003. Her appointment as acting Executive Director is effective Feb. 28, 2009. "This is an exciting and tremendous opportunity for me and I'm honored the Board has confidence in my ability to lead this organization in these volatile times," Whitmarsh said. The WSIB manages over $67.6 billion in investment portfolios belonging to 17 separate state retirement plans and 22 other public and trust funds. The agency has a staff of 70 people in the areas of investments, information services, accounting and finance, and office/clerical support. Dear has been the WSIB's executive director since November 2002. His previous positions include director of government affairs at the Russell Company; chief of staff for Governor Gary Locke; assistant secretary of labor for the U. S. Department of Labor/Occupational Safety and Health Administration; and director of the Washington State Department of Labor and Industries. Before joining the WSIB, Whitmarsh served as vice president for leading health care analytic software firm; assistant and deputy director for the Washington State Department of Labor and Industries running the industrial insurance fund; and communications director for a California based insurance trade association. She received her MBA at Pacific Lutheran University and BA from Seattle Pacific University.