At a special meeting today, the State Investment Board (SIB) elected Gov. Kelly Armstrong as its chair, reaffirming the Board’s commitment to strong leadership.
“I look forward to working with the State Investment Board members and the Retirement and Investment Office staff to ensure the investments managed by the agency continue to benefit the people of North Dakota,” said Armstrong. “Together, we will uphold our mission of fiduciary excellence, transparency and long-term financial success.”
By state statute, the governor is a member of the SIB. Historically, this role has often been delegated to the lieutenant governor. Armstrong’s decision to serve on the board marks a renewed focus on strategic leadership directly from the Governor's Office. With a background in business, passion for public service and dedication to North Dakota’s future, Armstrong assumed office as the 34th governor of North Dakota on Dec. 15.
The SIB also voted to offer Jodi Smith the position of interim executive director of the North Dakota Retirement and Investment Office (RIO). Smith currently serves as director of lands and compliance for the Fargo-based Metro Flood Diversion Authority. She previously served as commissioner of the North Dakota Department of Trust Lands from November 2017 to March 2022, a role that included serving on the SIB.
As interim executive director, Smith would oversee RIO’s operations, including coordinating the activities of the SIB and the Teachers’ Fund for Retirement (TFFR).
The transition to new leadership follows the resignation of RIO Executive Director Jan Murtha, announced at the SIB’s Nov. 22 meeting. The SIB formed an executive search committee, which was authorized to engage a search firm to seek Murtha’s permanent replacement.
The SIB oversees a $23 billion investment portfolio, including the assets of the North Dakota Legacy Fund and 28 government pension and insurance client funds. TFFR serves over 25,000 participants, including approximately 11,800 active members employed by public schools and state institutions.