US - The Teacher Retirement System of Texas (TRS) has appointed Linus Wright as the system's new chairman, following Jim Lee's decision to resign from the post to pursue a new business venture.

Wright, who has worked in various roles for public schools in Texas for 40 years and served as vice chairman of the TRS Board of Trustees since November 2005, will become chairman of the pension fund with immediate effect.

Commenting on his new position, Wright said: "We have worked tirelessly with Jim over the past 12 months to establish a solid foundation that will ensure the long-term succeed of the TRS. One of my principal goals as chairman will be to keep us on a steady course that we have worked so hard to establish."

Lee announced his resignation, effective immediately, on January 09 2009 and will concentrate on a new business venture that he has been working on since mid-2008.

Lee cited implementing a more diversified investment policy, strengthening the leadership team and assembling top investment staff as being some of his proudest achievements during his time as chairman.

The TRS manages a trust fund worth more than $80bn and serves over 1.2m public education and higher education employees and retirees.

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