Burns retires from Alaska fund

Burns became executive director in 2004 when the fund, built on revenues from the state’s oil fields and returns from investments, totalled $26bn.

Mike Burns, CEO of the US state-backed $55bn Alaska Permanent Fund Corporation, has resigned because of health concerns.

Burns became executive director in 2004 when the fund, built on revenues from the state’s oil fields and returns from investments, totalled $26bn.

The board appointed Valerie Mertz, chief financial officer at the fund, to the role of acting executive director for 30 days. Bill Moran, chairman of APFC, said: “We appreciate the many years of service and outstanding performance that he brought to his role as CEO of the Alaska Permanent Fund Corporation.” 

Burns has overseen the fund’s first direct investment in a private venture operation.

See more from this Government Report: Alaska (AK), US

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