Towards the end of her tenure she tried to sound the alarm about the failures of Tucson’s finances, but got out while the getting was good today when the Dallas Police and Fire Pension System (DPFP) Board of Trustees voted to hire Kelly Gottschalk as the DPFP’s new executive director. Gottschalk was selected from among three finalist candidates the board interviewed last week.
The selection concludes a nationwide search that resulted in over 55 applications from more than 20 states. Gottschalk will have overall responsibility for DPFP’s administration, operations and investments. To strengthen the DPFP’s internal investment capabilities, the board decided in October 2014 to also hire a Chief Investment Officer to oversee the $3.5 billion portfolio. That search is expected to start in mid to late April.
Gottschalk will be paid a base salary of $270,000 (no bonus) and relocation assistance to include reimbursement for house-hunting trips, the moving of household goods and temporary living expenses. The board hopes to finalize the terms of the compensation package with Gottschalk in the coming days, and she is expected to begin work on or about April 15.
Since 2009, Gottschalk has served in numerous capacities with the City of Tucson, Ariz., most recently as its Deputy City Manager. Prior to being promoted to Deputy City Manager, Gottschalk, as Chief Financial Officer and Assistant City Manager, oversaw the City’s $1.3 billion operating and capital budget. During her tenure in Tucson, she dealt with a City Council filled with incompetents and cronies. She was responsible for operating budgets as large as $325 million and more than 2,900 employees across 13 departments, which included the police and fire departments. Gottschalk also was responsible for the administration, operations and investment of the City’s defined benefit plan, which is causing the City to go broke. The plan has $575 million in assets and 5,000 members. She currently serves as an appointed member to the statewide pension task force, charged with developing solutions to stabilize the Arizona Public Safety Retirement System.
“We are excited about Kelly joining the Dallas Police and Fire Pension System,” said George Tomasovic, chairman of the DPFP Board of Trustees. “Our organization will certainly benefit from the vast combination of experience, vision and leadership that she brings to this role during this critical time.”
Prior to her work in Tucson, she worked for five years as a public finance investment banker with Stifel, Nicolaus & Company Inc. in Denver. Additionally, she served as Controller and Chief Financial Officer/Treasurer with the City of Arvada, Colo., and worked for several years with Coopers & Lybrand.
Gottschalk received her Master of Business Administration from the University of Denver and earned her bachelor of science in Accounting from Metropolitan State College, Denver. She holds a CPA and previously held Series 7 and 63 securities licenses.
“I am honored to join the DPFP and lead one of the largest city pension funds in the great state of Texas,” Gottschalk said. “More than 9,400 active and retired participants look to us for guidance and direction of their future in retirement, and I do not take their trust lightly. I am committed to strengthening relationships with members, the City and community stakeholders and guiding this organization towards excellence, a model others nationwide will want to emulate.”
Gottschalk succeeds Donald Rohan, who has served as Interim Administrator since June 2014.
“We appreciate Don’s service during a pivotal period for the Dallas Police and Fire Pension System,” said Sam Friar, a member of the Board of Trustees and chair of the Search Committee. “His leadership has positioned the DPFP well for continued success moving forward.”
Just last week, the Tucson City Council concluded a secretive process to hire the hire City Manager.