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Tollette's last day at CalPERS is Friday, January 5, 2018. Matt Flynn, a CalPERS investment director, will become the interim COIO. A search for Tollette's permanent replacement will begin immediately.

Tollette joined CalPERS in 2014 from Franklin Templeton Investments, where he had served as senior vice president for Portfolio Analysis and Investment Risk Management. Prior to his 19 years at Franklin Templeton, he held positions at American Savings Bank and KPMG Peat Marwick.

"Wylie's tremendous skill, professionalism, and wit will be hard to replace," said Marcie Frost, CalPERS chief executive officer. "The structure, reporting accuracy, and operational efficiency he brought to the Investment Office helped save the fund millions of dollars and worked to ensure the long-term sustainability of the CalPERS fund. We wish him great success as he returns to Franklin Templeton."

As COIO, Tollette led the investment performance and risk analytics, investment policy, manager engagement, compliance, business planning, and operations areas of the Investment Office. He was instrumental in launching the Private Equity Accounting and Reporting Solution system, a pioneering proprietary tool that allows CalPERS to comprehensively report carried interest and other fee information from private equity investments. In addition, Tollette helped develop and implement the 2020 Strategic Plan, which guides the Investment Office's efforts to strategically reduce the costs, risks and complexity of the Fund while also increasing transparency.

"Wylie has been much more than a colleague to me over the past several years," said Ted Eliopoulos, CalPERS chief investment officer. "He's been a trusted partner, friend, and advisor. His work has greatly strengthened the Investment Office, and helped better focus our investment decision-making process on long-term total fund returns. All of us at CalPERS owe him a deep debt of gratitude for his dedicated and steadfast efforts to make the CalPERS Investment Office better and to serve our members."