"It is time for a new era at the Department of Water and Power, and that begins with accountable management and business and rate-payer-friendly reforms," said Villaraigosa. "With his vast financial and corporate experience, Eric Holoman will bring a unique perspective to the Board of Water and Power Commissioners and help lead their efforts to transform the DWP."
Villaraigosa appointed Holoman as president of the Los Angeles City Employees Retirement System in July 2007.
Before joining Magic Johnson Enterprises, Holoman served as president of Holoman Food Services, Inc., and worked for Bank of America as a senior investment specialist.
City News Service contributed to this report.