Ray Ellis Steps Down as Board President, with Herb Morgan Assuming Leadership Role

Date: Dec 16, 2011


SDCERS’ Board of Administration President Ray Ellis formally announced his resignation from the Board effective Friday, December 16.  Ellis cited his upcoming bid for the San Diego City Council’s District 1 seat next year as the reason for his resignation.

Ellis was reappointed to a second SDCERS Board term in April 2011, at which time he also became Board President. His term was set to end March 31, 2015. Ellis occupied a Mayor-appointed seat on the SDCERS Board.  Therefore, his departure requires the Mayor to appoint a replacement to fill the vacancy.

Effective immediately, current Board Vice President Herb Morgan, also a Mayoral appointee, was appointed Board President.  Morgan joined the SDCERS Board in April 2009, bringing with him more than 22 years of investment and advisory service. He is the CEO and Chief Investment Officer of Efficient Market Advisors, LLC, an investment advisory firm.

SDCERS would like to sincerely thank Ray Ellis for his excellent service during his tenure on the Board, which began in November 2008.  We wish him well in the future.

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