Dr. Damon F. Asbury announced on November 5th, that he would retire as Executive Director of the State Teachers Retirement System (STRS) of Ohio at the end of his contract in June 2008.
In a written statement on the STRS website, Asbury said, “As I near the completion of almost five years as STRS Ohio’s executive director, I am looking forward to retiring and exploring new opportunities. During my more than 40 years of service in the public arena, I most appreciate that my life has been blessed by so many friends, colleagues and acquaintances during that period. The opportunities and challenges afforded to me have been deeply rewarding. “
“My most recent opportunity to serve as STRS Ohio’s executive director has been a privilege and a professional capstone. The condition of STRS Ohio is sound and this is a very good time for the Retirement Board to initiate a search for a qualified successor.”
Asbury pointed out that STRS Ohio assets are at an all-time high level of $80 billion. Additionally, the fund’s actuarial condition has improved to become 83% pre-funded with an amortization period of 26 years.
Asbury first started at STRS Ohio in July of 2000 as deputy executive director. And then became the official executive director in 2004 after serving as interim executive director in 2003. He is only the eighth executive director in the history of STRS of Ohio. Asbury also served as superintendent of the Worthington City Schools from 1991- 2000 and prior to that had been working with Columbus City Schools from 1967-1991.
A board committee has been appointed to make a recommendation regarding an executive search firm to assist the retirement board in choosing Asbury’s replacement. The committee will make this recommendation at its December 2007 meeting. Following this, a new executive director will be named before June 30, 2008.
In the same written statement, Jeffrey Chapman, chair of the State Teachers Retirement Board noted, “We will be relying on counsel from our chosen search firm as how to facilitate that input so that it has a meaningful and appropriate place in the process. Further, we have no limitations to the search. All qualified candidates will be welcome to apply."