Fired for Whistleblowing

Fired for Whistleblowing

After Renae is demoted for being lied to by her partner, Jan Zeeck, about a trade/investment in the Core portfolio, she is moved to a non-actively managed Emerging Market (EM) portfolio that holds about $500 million in an EM-index ETF.

• Renae took two weeks off after demotion to document what happened and to give Matt Clark time to find a new partner for Jan, as Matt’s decision to demote Renae seemed impulsive and there did not seem to be a plan.

• Matt has meeting with Renae when she comes back and only cares if Renae told anyone about what happened and to threaten that she better not be gossiping to anyone about this. With the threats before that Renae couldn’t talk to staff about anything but investments, and now doing a non-managed portfolio with no team or partner and not being allowed to tell staff why she was demoted from Core, Renae felt she was not allowed to talk to any staff about anything and she suspected Matt was monitoring her emails/Teams chats to make sure she didn’t talk.

• Renae asked what is she supposed to be doing now, and Matt says Emerging Markets, but doesn’t seem to know what she should be doing in Emerging Markets.

• The original plan was to find Jan a new partner as Core has always been a two person job because it is so broad and for internal control purposes on such a large portfolio ($2.5 billion) and Renae would take that person’s portfolio. But Matt decided that Jan would run the $2.5 billion portfolio by herself, so there was no other place for Renae to go but the non-managed EM index portfolio.

• Renae eventually has another meeting with Matt/Darci after they forget the first time, to show me the office EM model and tell me to fix it because it hasn’t worked for the last decade. Renae asks generally what the goal is here and they didn’t have a clear answer but agreed that Renae should ask ChatGPT what to do.

• Several staff are involved in a Bridgewater call on EM that the SDIC staff is completely unprepared for because Matt has not given anyone guidance on what the goal of the EM portfolio is.

• Renae reviews the EM model and after deleting the many different trial formulas and graphs that were not being actively used, it seems to be a graph of a ratio of a valuation metric between the US index and the EM index with a line through it. Renae saves the cleaned up EM model as “F*ckEM” and put it an a “EM Bullsh*t folder in her private work folder, as it was becoming very clear Matt does not care at all about the EM portfolio or Renae Randall.

• Renae is invited to the coming board meeting and doesn’t want to go because she doesn’t know how to explain what is going on.

• Renae sends Matt the “last 3 emails” of which the last one had the whistleblower laws included at 4:57 PM on Friday, May 30, 2025.

• Matt fires Renae by voicemail 33 mins later at 5:33 PM. Leaves no reason, only “Terminated effective immediately.”

• Renae sends the 50 pages of notes that she had started shortly after the meeting to demand she approve of a illegal part-time employee raise to the SDIC Board that weekend. She would also send a smaller 25 page version to the entire office on June 3rd to explain to the staff what had happened.

• Jarrod Edelen finds Renae’s F*ckEM and EMBullsh*t file/folder while going through Renae’s private work folder and sends to Matt on June 6th, one week after Renae was fired, so it can’t be a reason why she was fired as no one knew about it until a week after.

• Renae demands her employment file. She will receive it when the SDIC Board has Melanie Carpenter at Woods Fuller Law firm send her the NDA on June 26, 2025. It is missing years 2008-2023.