US- CalPERS, the US’s largest public pension fund, has yet to appoint a replacement CEO for James Burton who is leaving to become head of the World Gold Council.

Burton, who leaves next Friday, announced his resignation three months ago but agreed to stay until the Autumn.

CalPERS’ board expects to name an interim CEO in the near future and Burton’s permanent successor will be decided within the next two months.

Burton is leaving after serving eight years as CalPERS CEO during which time assets under management almost doubled from $78bn to a peak of $156bn a year ago.

Burton will be the second senior executive to leave CalPERS recently after CIO Daniel Szente left to join an investment manager at the end of last year.