NC Investment Chief: Work With Cowell Was Rocky

The former chief investment officer of North Carolina's public pension funds says she was surprised when State Treasurer Janet Cowell asked her to leave last month.

Patricia Gerrick told WRAL-TV on Friday that her professional relationship with Cowell was rocky in recent months. But she said she knew of nothing behind the scenes to lead to her termination.

A Sept. 9 memo from Cowell released Thursday gave no specifics about Gerrick's removal except that she gave Gerrick the opportunity to resign and she refused.

Gerrick told the station Cowell wouldn't agree to her terms.

Gerrick made $340,000 annually, making her one of the highest paid state employees. She said she hasn't decided whether to challenge her firing.


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  • by Anonymous on Sep 25, 2009 at 07:41 PM
    Way to go Janet Cowell! That is a name I am going to remember. Few in the state of NC should be making that much money unless they are a rock star, or have invented something. A government employee in NC should not be making that much money. Nobody's pension funds are doing too good right now. Might need to fire a few more investment officers across the country.
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