New SDCERS Board President

Date: Jul 12, 2019


After former Board President Val Hoy maxed out his term limit, the Board established a Nomination Committee at its May meeting to nominate a fellow Board Member for the vacant position. Today, the Nomination Committee unanimously recommended Carol Broad be elected as the new Board President, and the Board unanimously approved this recommendation. 

Carol has served as the Board’s Vice President since July 13, 2018 and she has acted as the interim Board President since Val Hoy vacated the office. Carol is also the Chair of the Investment Committee and has over 30 years of experience in the financial industry, particularly in providing investment advice to major public and corporate pension funds. Click here for more information about Carol’s professional background.

Photo of Board Members Charlie Hogquist, Thanasi Preovolos, and newly elected Board President Carol Broad sitting at their podiums. Motion to Approve Carol Broad as SDCERS Board President is on a screen in the background. George Kenney is the Mover, Thanasi Preovolos is the Second.

From Left to Right: Board Member Charles Hogquist, Board Member Thanasi Preovolos, and newly elected Board President Carol Broad.

Once elected, the Board President serves for one year and may be elected for a second consecutive year. However, after a Board President has been in office for two consecutive years, they must step down for at least one year before they may serve as President again.

The Board President presides at all Board meetings, appoints other Board Members to all of the Board’s Committees, and also designates the Chairs of the Business and Governance, Disability, and Investment Committees. At the next Board meeting, on September 13th, Carol will appoint a Vice President to fill her former position, which must be approved by a majority of the Board. 

Photo of SDCERS Dent eputy CEO Marcelle Voorhies Rossman, Board PresidCarol Broad, and SDCERS CEO Gregg Rademacher standing in the Board room. SDCERS logo is in the background..
From Left to Right: SDCERS Deputy CEO Marcelle Voorhies Rossman, Board President Carol Broad, and SDCERS CEO Gregg Rademacher.

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