Alaska Permanent Fund Corp. board approves 10% raise for CEO

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Alaska Permanent Fund Corp. board approves 10% raise for CEO
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Board chair Jason Brune said the raise comes after Mitchell got high marks on an annual performance evaluation.

The Michael J. Burns Building, which houses the Permanent Fund offices on 10th Street, on Tuesday, Jan. 20, 2024.

Board chair Jason Brune said the raise comes after Mitchell got high marks on an annual performance evaluation conducted in a closed-door session. It’s the second year in a row Mitchell has gotten a 10% raise for leading management of Alaska’s roughly $80 billion nest egg. Its target return is 5% above inflation, as measured by the consumer price index, and it’s ahead of that mark by nearly half a percentage point in the year to date. The fund is trailing that target over the past five years, according to Chief Investment Officer Marcus Frampton, but he said the Permanent Fund is not alone in that respect.

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