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 Alaska’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.
Is there any government business done in Alaska with out Craig Richards being involved.
So, what is the average gain for the PFD over the last 10 years?
Smell a scandal? I do based on her immediate dismissal.
Shenanigans? Ones that might implicate Bill Walker?
How could that be possible ? Walker is a Democrat.
This is very odd. Going to need to dig deeper.
Yes – sd
Thank you Suzanne. When the $83 Billion Permanent Fund is involved in this political chicanery, we need to be informed.
If she was doing such a good job, they fired her because? Something nefarious is going on and we, the peope are not allowed to know about it? NOT GOOD!!
They fired her because she was doing too well. Easier to give a low PFD if the permanent fund has no money
This comment only makes sense if you ignore that Craig Richards was at the helm. But you can’t, because he was.
Why would you fire someone who was at the helm during the fund’s most successful year?
Pretty sure we will find out.
I think the public deserves to know why. It was probably a good thing being that so many sticky fingers are in it.
I doubt we will ever see PFDs as we did in the 90’s.
This state and it’s leadership has gone to S#!+…
There is a huge story here if Suzanne can get to the bottom of it. My radar is going off.
It’s interesting that Dunleavy has yet to provide a PFD as big as Bill Walker.
His hands are tied by Congress… Look at what he proposed – a Constitutional Amendment to enshrine the statutory formula, then we he saw that couldn’t possibly pass the legislature, a 50/50 split amendment which still would have provided a much bigger PFD.
It is the legislative branch that decides how much dividend. In case you didn’t know they have all been with democrats the past few sessions and it didn’t matter that the Governor wanted.
Does anyone really know these individuals and what they’re political leanings are? The PF has done really well as of late. Are they now going to go “woke” and only invest in “green” companies? We need more info on this new interim leader and who in in charge of hiring the new manager.
The PF had it’s best year ever, gaining 29.73%, compared to the DJIA, which was up 33.98% – 14.3% better than the PF.
…true comparison between any fund and DJIA needs to include Beta (I.e., risk). I suspect APFD Trustees are risk adverse, accepting less than DJIA returns in good years in return for less losses than DJIA in bad years.
People will clam up. This reminds me of when millions of dollars was found out to be missing from the state department when Hillary quit. Also when slick Willy raided the Haitian relief fund account. I’m not saying there’s any money missing because I have no way of finding that out but I’m not saying it’s all there either. This is more than a popularity contest gone bad. She’s been there too long for that. Perhaps the one who supported her will come clean.
I think you’re on to it Jim. Looks like our portfolio went “woke.” Alaska’s tree of life has “woke” branches grafted in now.
‘https://apfc.org/report-archive/#14-100-fy-2021-1600280551
2021JUN30-APFC-Performance-Report.pdf’
Operator: Then cool, right? “Woke” = 29.73%!
And thus the age-old question: “Does the end justifies the means”
On the subject of ESG Finance, I highly recommend viewing James Corbett’s interview with Whitney Webb on her research and expose: How Green Finance is Monopolizing The World
There has to be a class action lawsuit here in the making, People vs State of Alaska! Just need a young up and coming lawyer to file for us. Our State Constitution is clear that the fund belongs to the People. Makes we want to get yet another degree just to fight this travesty against “the People”!
If Bill Moran voted against it, then I would guess something unfair has occurred.
You know there’s more to this story.
Come on Craig don’t leave us hanging!?
After a 29.73% gain to the Permanent Fund in the last fiscal year and the Board fires her? Something is wrong or grossly unfair.
Of course there is. Let it play out.
She oversaw some of the biggest Permanent Fund growth in recent history! I suspect that the deep state RINOs are taking her out because they want to reduce our PFDs during the election year
“During the most recent fiscal year, the fund gained 29.73% in value, the most of any year since its creation,”
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Some years ago, two really great PF managers quit because they were offered better pay, without political micro-management, in the S-48. Now the manager whom oversaw the PF greatest year gets fired. Just can’t resist trying to destroy the PF, can you?
Valerie Mertz? Hmm, is her husband per chance, a political activist attorney in Juneau?
No. Her husband is an accountant.
No, he’s a CPA that’s heavily involved in the Juneau Chamber.
I was wondering why Dermot Cole was squawking on Twitter for days about the PFD Corp and supposed wrongdoing by Dunleavy. It must have something to do with this, I assume the fired director is a Democrat.
Angela Rodell competently served as Revenue Commissioner in the Parnell Administration. She was one of the first Commissioners replaced by Walker/Mallott.
Angela Rodell competently served as Revenue Commissioner in the Parnell Administration. She was one of the first Commissioners replaced by Walker/Mallott.
Perhaps a philosophical difference in long-term investment strategies. Cambridge Associates, one of the superstars in the AK PFD portfolio, has a lot of China- climate investment speak on their website. Some spaghetti for the wall, just sayin’.
It’s about time.
The last line says it all. She was hired by Bill Walker.. I think there’s a conflict in that Bill Walker is “TRYING?” to be re-elected for Governor again..
To add: the five other trustees plus our Gov Dunleavy voted against her, along that, from the source I’ve been reading, she objected to Dunleavy’s temporary overdrawing the fund for a bigger PFD towards the constitutional guaranteed dividend proposed by the governor. It sounds like she was rejecting him to have it a constitutional guarantee. Since she was appointed by B Walker, with him re-entering the election process..???.
Very unlikely that something nefarious is going on with the oversight of both advisors and the Revenue Commissioner. More than likely it was a personnel matter in which case the board would have been better disposed to allow her to resign , thereby avoiding the suspicion and stigma. The investment results would indicate a commendable effort on her part. Suzanne will find out and be straightforward and fair in her accounting..
The fund gained 29.73% in value, while the NASDAQ index gained 43.64%
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Give me her paycheck, I’ll invest the PF in ^NDX and make the state 14% more money. With my eyes closed.
.
Deal?
You’d make more than that in the next 12 months if you invested everything that you can beg borrow or steal in Micron MU.
….and with how much risk? Kathy Wood and her AARK were the talk of 2020. She’s down 25% for 2021.
Cleaning house of Walker cronies
Politics over brains, right?
Doesn’t matter who appointed her, with those types of returns she has been a great asset to the corp and the State. Doesn’t make sense to can her.
No surprise here , Political appointment at the pleasure 🙂 , what’s of great concern should be, will the next session in Juneau change anything ?
Will investment in Alaska’s ” peoples ” liberty’s & their PFD’s &
their financial wellbeing ,in the light of increases in “STATE revenue OIL taxes ” & PF earnings ?
The now “focus” will shift to nothing but political election’s ! A never-ending squirrel cage of corruption !
Ms. Rodell was never Chief Investment Officer. So to ascribe investment performance to her (good or bad) does not make any sense. Not even a little.
OK. “The Fund’s goal should be to maintain safety of principal while maximizing total return.” This suggests that “investment performance” with minimal risk is a big part of Rodell’s job as CEO but you think this doesn’t make any sense.
You are showing your ignorance here IMO.
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