The move is effective July 6. The university's endowment is approximately $4.9 billion.
Mr. Schmid is vice president and CIO of Boeing Co., Chicago, overseeing its $40.6 billion defined benefit fund and $25 billion 401(k) fund.
He confirmed he is joining the university but would not comment further.
Mr. Schmid replaces Peter Stein, who announced in January that he would step down on June 30 for family reasons.
Boeing plans a search for a new CIO, said Boeing spokesman Todd H. Blecher. David Dohnalek, Boeings corporate treasurer, will serve as interim CIO and oversee Mr. Schmids investment team, Mr. Blecher said.
Mr. Schmid reported to Mr. Dohnalek.
Mr. Blecher would not say if Boeing will use an executive recruiting firm to assist. The company has no time frame for hiring a new CIO but hopes to fill it as soon as it finds an appropriate candidate, Mr. Blecher added.
We are wishing Mark the best of luck, Mr. Blecher added. He was a valued member of the company and built a great team, and we hope he has great success at the university.
Mr. Schmids last day at Boeing is Friday. He joined Boeing as CIO in 2003.