Mexican Media Brands
UAW Retiree Trust Hires New Investment Chief
Kenneth Frier, a former investment manager for Stanford University and Hewlett-Packard Co., has been appointed chief investment officer of the United Auto Workers union's Retiree Medical Benefits Trust, effective Aug. 1.
#labor
Share
Kenneth Frier, a former investment manager for Stanford University and Hewlett-Packard Co., has been appointed chief investment officer of the United Auto Workers union's Retiree Medical Benefits Trust, effective Aug. 1.
He replaces Eric Henry, who left in March to head the Hershey, Pa.-based Milton Hershey School Trust.
Frier will manage the trust's $54 billion in assets, which pay for the healthcare benefits of 840,000 retired hourly employees of Chrysler, Ford and General Motors. The carmakers and the UAW agreed in 2007 to establish the voluntary employee beneficiary association, or VEBA, to move retiree healthcare liabilities off the Detroit Three's books.
Frier was CIO of Palo Alto, Calif.-based Stanford Management Co., which oversees the university's $14 billion endowment and other financial assets, in 2010-2011. He previously managed pension assets of $33 billion and $2.5 billion at HP and Walt Disney Co., respectively.
RELATED CONTENT
-
GM Unit Stresses Driver Training in Autonomous Cars
General Motors Co.’s Cruise Automation unit says it puts backup drivers and auditors through extensive training before allowing them to participate in real-world autonomous vehicle tests.
-
UPDATE: UAW, GM Reach Tentative Labor Deal
General Motors Co. and the United Auto Workers union have reached a possible deal on a new four-year labor contract covering some 48,000 of the union’s hourly workers in the U.S.
-
UAW Launches Strike Against GM
As expected, some 48,000 of the United Auto Workers Union members began a strike at midnight Sunday against General Motors Co. facilities in the U.S.