Tales From The Boardroom Wars

Dale M. Hanson sinks into a couch in Anaheim, Calif.'s Hyatt Regency Hotel. The normally upbeat chief executive of the $80 billion California Public Employees' Retirement System is subdued, even melancholy. Less than 24 hours before, on May 16, Hanson had informed the CalPERS board, meeting here, that he was quitting. After seven years of fighting for management accountability and boardroom reform--not to mention managing a fund with 1 million beneficiaries--America's most prominent activist shareholder was leaving to become CEO of a new investment company. Now, Hanson starts to relate what he saw at the revolution.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.