The Alaska Permanent Fund’s board of trustees named acting Revenue Commissioner Deven Mitchell as the corporation’s new chief executive officer Monday to manage the $74-billion fund
The Permanent Fund's board of trustees held a special meeting, and unanimously chose acting Revenue Commissioner Deven Mitchell, left, to be the corporation's new CEO on Monday, October 3 at the Alaska Permanent Fund Corp. building in Juneau.
His message to the board was that he wouldn’t chase short-term cash yields as the fund has been invested for long-term growth. Mitchell said he doesn’t see the CEO’s role as second-guessing the investment decisions made by Marcus Frampton, the corporation’s chief investment officer, or overriding his decisions..
One of the other three finalists was Melanie Hardin, who currently lives in California and works as an executive at Verizon Communications. She spoke about her years of experience in the finance industry, including spells working for Charles Schwab Corp. in London, and said that her interest in the mission of Permanent Fund was to create intergenerational wealth for Alaska, calling it “capitalism with a conscience.
Five trustees were part of the final vote for the new CEO with Mitchell, the newly-appointed sixth trustee due to his position as acting Revenue commissioner, recusing himself from Monday’s decision. After a three-hour closed door meeting, the board’s choice of Mitchell as CEO was unanimous.
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