WRAL Investigates

Documents: N.C.'s former chief investment officer fired

Posted September 24, 2009 5:01 p.m. EDT
Updated September 24, 2009 7:19 p.m. EDT

— Public records obtained by WRAL News show North Carolina's former chief investment officer, Patricia Gerrick, was fired from her job.

The State Treasurer's Office gave her the chance to resign on Aug. 24. She declined on Sept. 4 and was fired the same day, documents show.

Citing personnel confidentiality, the Treasurer's Office gave no specific reason for her termination.

"In addition to other concerns, a review of various agency records supported my determination that separation of Ms. Gerrick was appropriate," State Treasurer Janet Cowell wrote in a memo.

WRAL and other media organizations filed a public records request to find out more.

On Thursday, the WRAL Investigates team began looking through more than 12,000 pages of documents, cell phone records and e-mails related to Gerrick.

Documents showed that Gerrick, at the time of her termination, repaid the state treasurer's office $3,045.80 for personal use of her state-issued cell phone.

The records also showed that investment firms doing business with the state's pension fund paid for Gerrick to travel all over the world to meet fund managers.

A spokeswoman with the Treasurer's Office said there was nothing unusual about the private reimbursements.

WRAL News couldn't reach Gerrick for comment.

At the time of her sudden dismissal, she was one of the highest paid state employees, with an annual salary of $340,000.

She received a hefty raise last summer after the General Assembly turned salary discretion in the State Treasurer's Office over to former Treasurer Richard Moore. He gave large raises to his top investment advisers.

Gerrick's salary doubled from nearly $167,900 a year to $340,000.

She first started working for the treasurer's office in 2004 and was in charge of investing the state's $60 billion pension fund.