Office of the State Treasurer

(TRENTON) -- Treasurer John McCormac announced today that he has accepted the recommendation of the State Investment Council to appoint Peter Langerman, of Short Hills, as acting director of the New Jersey Treasury Department's Division of Investment.

"Peter Langerman has a tremendous background in all phases of investment management, strategy and policy," McCormac said. "As an investment manager, Peter is an experienced senior executive and is widely known and respected in all circles of the financial community. The council made a excellent choice, and New Jersey will be well served by his leadership and seasoned experience," he said.

Mr. Langerman will replace Steven Kornrumpf, who resigned last month to take an assistant treasurer position with the Department of Treasury. The Treasurer indicated that Mr. Langerman will serve in an interim capacity. He said Treasury is currently preparing a Request for Qualifications (RFQ) for an executive recruitment firm that will conduct a national search for a permanent Investment Division director.

The State Investment Council approved Langerman's recommendation at its regular meeting in November. The candidate was interview by the Treasurer last week. His official start date and salary are being finalized. Upon completion of the national search, the Council will again submit a formal recommendation to the Treasurer to consider for a permanent appointment.

Langerman has two decades of experience in finance law, accounting and investment management. He served most recently as chief executive officer of Franklin Mutual Advisors of Short Hills, which handles $20 billion in assets for Franklin Templeton. He was a member of the Management Review Team for the New Jersey Sports and Exposition Authority from April to July of this year.

Langerman is a 1977 magna cum laude graduate of Yale University. He obtained his masters degree in accounting from NYU Graduate School of Business in 1979 and his law degree from Stanford University Law School in 1982.