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CalPERS President Ousted in Sacramento

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The president of the 177 billion-dollar California Public Employees Retirement System has been ousted from his post.

Sean Harrigan was unseated today after a three-to-two vote in San Francisco from the California state Personnel Board.

Harrigan will be replaced by Ron Alvarado, whose background is more aligned with the private business sector.

Harrigan led the nation´s largest public pension for the past year.

And he often took positions that angered parts of the nation´s business establishment.