David J. Grain Appointed to SBA Investment Advisory Council
FOR IMMEDIATE RELEASE: September 15, 2009
Contact: Kyra Jennings or Jayme O’Rourke, (850) 413-2842
DAVID J. GRAIN APPOINTED TO SBA INVESTMENT ADVISORY COUNCIL
TALLAHASSEE – The State Board of Administration (SBA) Board of Trustees, comprised of Florida CFO Alex Sink, Governor Charlie Crist and Attorney General Bill McCollum, today approved David J. Grain as the newest member to serve on the SBA’s Investment Advisory Council. CFO Sink nominated Grain for the position because of his previous business and board experience, and his appointment was approved at today’s Cabinet meeting.
“Given his extensive experience, I am confident that David Grain will provide strong oversight and accountability of the operations of the State Board of Administration,” said CFO Sink. “David’s background in business and his service with both private enterprises and a public pension fund give him the tools needed to protect Floridians’ investments.”
“I am honored by my appointment to the State Board of Administration’s Investment Advisory Council and thank CFO Sink and the Trustees for this opportunity,” said David Grain. “I look forward to applying my extensive and diverse experience to best serve the people of Florida.”
Grain is the Founder and CEO of Grain Communications Group, Inc (GCGI) which owns and operates wireless communications infrastructure throughout the United States. GCGI is also a certified Minority Business Enterprise based in Sarasota, FL. Prior to forming GCGI, Grain served as President of Global Signal Inc. from its emergence from bankruptcy through its operational turnaround. Grain also worked as Senior Vice President of AT&T Broadband’s New England Region, and for more than a decade in the financial services industry.
Grain was previously appointed to the Massachusetts Pension Reserves Investment Management (PRIM) Board in 2001 and served as Chairman of PRIM’s Investment Committee until 2005. Massachusetts’ PRIM board functions in a similar capacity to Florida’s Investment Advisory Council in its oversight of a pooled investment fund established to invest the assets of the Massachusetts State Teachers’ and Employees’ Retirement Systems.
The State Board of Administration’s Investment Advisory Council provides independent oversight of the SBA’s funds and major investments, including the Florida Retirement System and the Hurricane Catastrophe Fund. The council meets quarterly, and members are appointed for 4-year terms pursuant to Section 215.444(2), Florida Statutes.
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