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Endowments and foundations

David and Lucile Packard Foundation picks next CIO

Kimberly Sargent was named chief investment officer of The David and Lucile Packard Foundation, effective Jan. 1, 2018, the foundation announced in a posting on its website.

Ms. Sargent will replace John Moehling, who will retire at the end of 2017.

Ms. Sargent will move from her position as senior managing director of the foundation's investment team to take the head investment position.

Mr. Moehling joined the $7 billion Los Altos, Calif.-based foundation in 2007 as its first CIO.

"During this time, John recruited an investments team and built an institutional-quality portfolio of select investment managers," said Ned Barnholt, a foundation trustee and the chair of the investment committee, in the posting on the foundation's website.

Ms. Sargent joined the foundation in 2008, initially focusing on building its hedge fund portfolio and then on a broader set of alternatives.

Previously, Ms. Sargent was a consultant with McKinsey & Co. and a senior analyst at the Yale investment office.

Officials of the foundation could not immediately be reached for comment.