The Alaska Permanent Fund Corporation's Board of Trustees has elected Ketchikan banker Bill Moran as its new chairman.
Moran will succeed current chair Steve Frank, a Fairbanks tourism operator. Anchorage investment advisor Steve Rieger will be the new vice-chair, the corporation's board decided Thursday, at the end of two-day meeting in Fairbanks.
Moran was first appointed to the board by former Gov. Frank Murkowski in 2006, and was reappointed by Gov. Sean Parnell last summer. He is the chairman and president of Ketchikan-based First Bank, which has branches throughout Southeast Alaska.
Moran had previously been the vice-chair.
Outgoing chair Frank owns River's Edge Hotel, Restaurant and R.V. Park in Fairbanks, and served as chair for the last three years. He was praised by other trustees for his leadership at a time when the permanent fund faced some difficult market conditions.
Frank had a "steady hand and calm demeanor" during a time of great external unrest, said Trustee Pat Galvin, who also serves as the commissioner of the state's Department of Revenue.
Frank, a former state legislator, remains a member of the board.
The permanent fund, which was once above $40 billion, dropped to below $30 billion during recent market turmoil, but has since rebounded to a current level of just above $36 billion.
The fund was built with royalties from oil production in Alaska, and profits from the state's annual dividend payments.
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