With the Ohio State Teachers Retirement System’s executive director Lynn Hoover set to retire in December, the board has appointed Aaron Hood, a West Point finance senior fellow who helped found Perella Weinburg Partners, to serve as interim executive director of the $95.3 billion pension system. Effective November 18, Hood will assume his new duties while the board seeks a permanent executive director with the help of recruiting firm Korn Ferry.
Hood, currently a finance senior fellow at the U.S. Military Academy at West Point, was recently CFO of Summit Carbon Solutions and interim CFO and on the board of Emerge Energy Services/Superior Silica Sands. Hood also held multiple leadership roles in his 13 years at Perella Weinberg, including CFO and head of the asset management division. He does not have state pension or CIO experience.
This interim appointment follows months of controversy surrounding the state pension system that has included internal conflicts, senior staff departures, disputes over how managers are selected, and state investigations. As an example of the inner turmoil, Hoover announced her plan to retire after the board deadlocked on a no-confidence vote in senior leadership.
Despite these headwinds, Hoover oversaw the implementation of the Sustainable Benefit Plan framework and extensive member outreach through statewide town halls. In October, Hoover told Institutional Investor that despite these challenges, the fund was “going in the right direction,” emphasizing that the fund’s controls and processes were solid, validated through multiple audits and investigations. She also highlighted the improved funded status, which increased to 82.8 percent from 81.3 percent.
The conflict has largely centered on debates over cost-of-living adjustments and how to pay for them.
