Verne Sedlacek will be stepping down as CEO and president of Commonfund, spokesman Keith Luke said.
Mr. Sedlacek has agreed to remain in his role until a replacement is found, to ensure a smooth transition. He has been president and CEO of the institutional investment manager for 11 years.
The board has hired executive search firm Korn/Ferry International to help find a successor. While there is no definitive time frame set to name a replacement, the company expects the process to take upward of a year.
Mr. Sedlacek has no specific future plans at this time.
Commonfund manages nearly $25 billion in assets and is primarily a manager for endowments and also offers endowments an outsourced CIO service.
