Bland's resignation Wednesday comes amid growing unrest among members of State Investment Council

State Investment Officer Gary Bland resigned Wednesday.

Gov. Bill Richardson's office released a copy of Bland's resignation letter, which stated, "Clearly I am saddened and disappointed to render my resignation as state investment officer."

Gilbert Gallegos, Richardson's deputy chief of staff, said Richardson has accepted Bland's resignation and thanks him for his service to New Mexico.

Gallegos said Richardson will start the process to name a successor to run the State Investment Office.

An emergency meeting of the State Investment Council had been scheduled for Thursday morning to discuss personnel matters, which the Journal learned involved a possible vote of no confidence in Bland.

That move came in the wake of the recent guilty plea of a former New Mexico State Investment Council adviser in a New York pension fund scandal. Saul Meyer of Aldus Equity said that he had recommended investments in New Mexico that were "pushed on me by politically connected individuals in New Mexico."

Meyer's plea was the latest in a series of events connecting state investments in New Mexico to a growing scandal involving the New York state pension fund.