Governor M. Jodi Rell today announced the appointment of Joseph D. Roxe of Darien as chairman of the Investment Advisory Council (IAC), an independent public board that advises the State Treasurer on the investment of the Connecticut Retirement Plans and Trust Funds.
“Joe will bring tremendous guidance and leadership to this post,” Governor Rell said. “The tumble that everyone has taken on Wall Street requires that we proceed as diligently as possible to protect taxpayer investments.”
The IAC was created in 1973 to advise the State Treasurer on investment policies. Its responsibilities were expanded and strengthened in 2000 by the Treasury Reform Law to establish additional oversight and disclosure requirements for state pension investments.
Roxe is chairman of Bay Holdings LLC and The Roxe Foundation, both in New York City. He previously was Senior Vice President, Director and CFO of insurance broker Johnson & Higgins and a divisional Vice President of Mobil Oil corporation.
A U.S. Navy veteran, Roxe earned his bachelor’s degree from Princeton and MBA from Harvard Business School. He currently serves on the Dean’s Council at Harvard’s John F. Kennedy School of Government, is an overseer of the Boston Symphony and is a trustee of the Woods Hole Oceanographic Institution and the U.S. Naval War College Foundation in Newport, R.I.
The 10-member advisory council includes five public members appointed by the Governor and legislative leadership, three representatives of the state teachers’ union, two representatives of the state employees’ union. The Treasurer and Secretary of the Office of Policy and Management are ex-officio members, and according to statute, the Governor appoints the council’s chairman.
Roxe’s appointment is effective today. He will serve for a term ending August 23, 2011 or until a successor is appointed and has qualified, whichever is longer. He succeeds former Chairman James T. Larkin of Greenwich, who has retired after five years of service.