JUNEAU — The Alaska Permanent Fund’s board of trustees used a “deficient” performance evaluation process to justify firing CEO Angela Rodell, who said her removal was “political retribution” for opposing Gov. Mike Dunleavy’s budget plan to overdraw the fund, but an eight-month independent investigation found no credible evidence that Dunleavy was involved in Rodell’s ouster.

Rodell, who served as the corporation’s CEO from 2015 until 2021 and led it to years of strong returns, was abruptly fired during a board meeting last December. There was no explanation given and the b...