Bryan Lewis, the former CIO for Pennsylvania’s $30 billion state employee pension fund, has been appointed the chief investment officer for the United States Steel Corp.
U.S. Steel on Monday announced that Lewis had been hired to run the company’s defined contribution and defined benefit plans, as well as “related programs.” He will report to U.S. Steel CFO Kevin Bradley and join the Pittsburgh-based company’s executive management team.
“Bryan’s strong public pension experience and investment background make him an excellent fit for this role,” David Burritt, president and CEO of U.S. Steel, said in a statement. “He brings sound judgement, sharp intelligence, and the highest integrity to the job.”
Lewis, who previously served as executive director of the State Universities Retirement System of Illinois, had been the CIO of the Pennsylvania State Employees’ Retirement System since July 2016. It was announced last month that he would depart the retirement system effective August 2 to pursue another career opportunity.
James Nolan, who joined SERS four years ago as deputy CIO, has been named the acting chief investment officer until the pension board appoints a permanent CIO.
“We are confident that Jim Nolan, along with senior investment staff and other SERS investment professionals, have the knowledge and skills to maintain a steady course until the time a new chief investment officer is appointed,” SERS executive director Terrill Sanchez said in a July statement.
In March, SERS announced that it had engaged consulting firm McKinsey & Co. to explore the possible consolidation of its investment office with that of the other Pennsylvania pension fund, the $57 billion Public School Employees’ Retirement System. A possible combination of the two pension funds’ investment teams was proposed by the state’s Public Pension Management and Asset Investment Review Commission at the end of last year.
SERS has already adopted some of the other recommendations proposed by the state commission. These include developing an annual report of investment fees and expenses for public release, as well as requiring private market managers to adhere to reporting guidelines established by the Institutional Limited Partners Association.