The California Public Employees’ Retirement System, the US retirement scheme that has lost over $50bn (€34bn) in value this year, has appointed its first female chief executive officer as it bids to turn around performance with investment in four new sectors including infrastructure, a top focus of growth for the incoming Obama administration.

Anne Stausboll, the interim chief investment officer, has been named as Calpers' new chief executive officer. She replaces Ken Marzion, who has been serving as interim chief since the retirement of Fred Buenrostro in June.