Theresa Whitmarsh appointed Executive Director of the State Investment Board (September 17, 2009) Olympia - The Washington State Investment Board (WSIB) has selected Theresa Whitmarsh as the first woman to head the agency, which is responsible for investing the state's retirement funds. She has served as the WSIB's acting Executive Director for the past six months. Whitmarsh had been the WSIB's Chief Operating Officer since 2003, where she was responsible for investment operations, technology, research, risk and compliance. "It is a great honor to be selected for this position," Whitmarsh said. "We have a well positioned investment program that is steadily recovering from the downturn. My goal is to keep the WSIB on course." Whitmarsh said other major priorities include strengthening the WSIB's program to identify and manage risk, enhance the investment decision process with improved research and analytics and continue to position the WSIB as a sophisticated global asset manager. "Theresa has done an excellent job as acting Executive Director and the Board believes her vision, expertise, and leadership skills are precisely what the WSIB needs to maintain our reputation as one of the most respected and successful institutional investment organizations in the world," said Pat McElligott, Board chairman. The WSIB manages over $65 billion in investment portfolios belonging to 17 separate state retirement plans and 22 other public and trust funds. The agency has a staff of 74 professionals in the areas of investments, information services, accounting and finance, and administrative support. Whitmarsh's 25-year career in business and government spans insurance, technology and investments. Before joining the WSIB, she spent seven years as vice president for a leading health care data and analytics software company. She served six years at the Washington Department of Labor and Industries and ran the industrial insurance fund, one of the largest workers' compensation funds in the United States. She also served as communications director and editor of an award-winning newsletter for an insurance trade association in San Francisco. She holds a Masters in Business Administration from Pacific Lutheran University and Bachelors in English Literature from Seattle Pacific University. The WSIB's Executive Director is appointed by the Board every three years to oversee staff, develop and recommend agency and investment policies for Board adoption, and ensure adherence to state policies and laws. Whitmarsh's annual salary will be $256,000 and she will be subject for reappointment by the Board in October, 2012.