The $3.8 billion University of Pennsylvania endowment is searching for a new chief investment officer to replace Landis Zimmerman, who was named CIO of the $11.3 billion Howard Hughes Medical Institute, Chevy Chase, Md.
Craig R. Carnaroli, senior vice president of finance and treasurer at the Philadelphia-based university, said the search is just beginning, and no decision has been made on whether to use a search firm.
Mr. Zimmerman, who will start his new job early next year, succeeds Nestor Villarosa Santiago, who died in June. "We're very excited to have Landis. He brings an extraordinary mix of skills," said Avice Meehan, Hughes spokeswoman.