Without explanation, the board of the Alaska Permanent Fund Corporation fired CEO Angela Rodell today. On a vote of 5-1, with Bill Moran of Ketchikan voting against her removal, Rodell was released immediately, after a performance review that had occurred in executive session. The chair of the board, Craig Richards, proposed the removal of Rodell.
The corporation, owned by the State of Alaska but operated separately to manage Alaska’s sovereign wealth fund, issued a statement:
“After the review and completion of the annual Executive Director evaluation, the Board of Trustees of the Alaska Permanent Fund Corporation have decided to undertake a search for a new executive director to lead the Permanent Fund in its continued growth and evolving role in support of Alaska.
“The Board is grateful for Director Rodell’s service and engagement during her tenure and wishes her well.
In the interim, while the Board conducts a search for a replacement executive director, the Board has designated the Chief Financial Officer Valerie Mertz as the acting Executive Director. The Board has complete confidence in her ability to manage the Corporation and the Fund during this transition.”
“During the most recent fiscal year, the fund gained 29.73% in value, the most of any year since its creation, and as of Wednesday, its total unaudited value was $83.5 billion. The fund is the source of two-thirds of Alaskaâ€™s state revenue, far more than oil and all other taxes combined.
Rodell was named the CEO of the fund six years ago by Gov. Bill Walker.