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Federated boards confirm new chief investment officer designate and unanimously commend outgoing CIO
Summary
Trustees approved the employment contract for the board’s CIO designate and adopted a unanimous commendation for outgoing investment leader Prabhu, praising improvements in funded status and staff continuity.
The Federated Employees Retirement System and Health Care Trust voted unanimously to approve an employment contract for their new chief investment officer designate and adopted a formal commendation honoring outgoing investment leader Prabhu for eight years of service.
Trustees moved and seconded the CIO contract approval after brief comments expressing confidence in the designate’s abilities and institutional knowledge. "We have complete faith and confidence that he will lead us," one trustee said during remarks supporting the hire. The board confirmed the appointment by roll-call vote and noted the CIO designate’s expected start date in April.
Immediately before the contract vote the board presented a ceremonial commendation and resolution recognizing Prabhu’s tenure. A public commenter, Roberto Pena, addressed the board to offer congratulations and praise for Prabhu’s leadership through turbulent market conditions. Trustees cited the plan’s improvement in funded status over the outgoing CIO’s tenure—trustees referenced an improvement from roughly the low 50s to about 65 percent funded during his service—and thanked Prabhu and his investment and administrative teams.
Outgoing CIO Prabhu addressed trustees and staff, thanked colleagues and said he was confident in the team’s capabilities. The board then adopted the commendation by unanimous roll-call vote.
