Mr. Schmid was vice president and CIO of Boeing Co., Chicago, with responsibility for its $40.6 billion defined benefit plan and $25 billion 401(k) plan.
Mr. Schmid confirmed he is joining the university, which has an endowment of about $4.9 billion, but would not comment further.
He replaces Peter Stein, who announced in January that he would step down on June 30 for family reasons.
Mr. Schmid joined Boeing as CIO in 2003, when the company had $46 billion combined in the two funds. He moved the defined benefit plan into liability-driven investing, coupled with a very diversified alternatives strategy, and also strengthened risk management. He expanded the investment staff to 20 from eight, including six new people in alternative investments and five in risk management.
David Dohnalek, Boeing's corporate treasurer, will serve as interim CIO and oversee Mr. Schmid's investment team, said Boeing spokesman Todd H. Blecher. Mr. Schmid reported to Mr. Dohnalek.
Mr. Blecher said Boeing plans to search for a new CIO, but would not say if Boeing will use an executive recruiting firm. The company has no time frame for hiring a new CIO but hopes to fill it as soon as it finds an appropriate candidate, he 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. Schmid's last day at Boeing was June 26.