Source: https://www.news5cleveland.com/
Governor Mike DeWine has appointed Jon Allison, former aide to ex-Governor Bob Taft, to the State Teachers Retirement System (STRS), replacing controversial leader Wade Steen. This appointment comes amid significant turmoil within STRS, which has experienced ongoing conflicts, two board resignations, and allegations of public corruption and fund mismanagement. Recently, both the acting head and the CIO of STRS resigned, adding to the instability within the organization.
Jon Allison, appointed to the State Teachers Retirement System (STRS), previously served as Chief of Staff for former Governor Bob Taft from 2003 to 2006 and has extensive experience in state government. Most recently, he was Chief Administrative Officer at Root Inc., where he handled legal matters, including the company’s IPO and financing rounds. He also held the position of Executive Vice President for business development at CareSource, a nonprofit providing healthcare programs. Additionally, Allison has served on several boards, including the Ohio Chamber Health Benefits Program and the Ohio Lottery Commission.
Jon Allison faces significant challenges as he takes over from Wade Steen, a divisive figure in the “reform” movement at the State Teachers Retirement System (STRS). Reform advocates seek to shift to index funding, while others prefer active management of funds. Recent elections have tilted the board’s majority towards reform-minded members. Allison is likely to align more with the “status quo,” reflecting Governor DeWine’s preferences.
Steen, originally appointed by John Kasich, had a contentious relationship with DeWine, who attempted to remove him due to concerns about his attendance and perceived favoritism towards a specific investment firm. After a legal battle, Steen was briefly reinstated in April 2024 but was ultimately removed again for ethical concerns.
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