Two longtime leaders from CalSTRS investment team will be retiring, Chief Investment Officer Scott Chan told the Teachers' Retirement Board at the May meeting.

Steven Tong, director of risk mitigating strategies, and Michael DiRè, senior investment director of private markets, have collectively served CalSTRS for more than six decades and are retiring in 2025.

Tong launched the Risk Mitigating Strategies portfolio and oversaw its considerable growth. RMS accounts for nearly 9 percent of the CalSTRS Investment Portfolio and is key to the diversification that helps CalSTRS maintain its commitment to the public educators of California.

Chan commended Tong for his service, his integrity and his calm amid stressful times.

DiRè came to CalSTRS more than 20 years ago to head a Real Estate division of four staff members. His innovation helped grow the division from one that managed a portfolio of $2 billion to a portfolio of more than $46 billion as of this spring.

Chan commended DiRè for his levity when appropriate, his optimism and his ability to build connections to strengthen his team.

Chan also informed the board that in March, Margot Wirth, director of private equity, received the Trailblazer Award from the 2025 With. Intelligence Women's Private Equity Summit.