Stephen Blyth, president and CEO of Harvard Management Co., the investment management arm of Cambridge, Mass.-based Harvard University, has resigned for personal reasons, effective immediately, confirmed spokeswoman Emily Guadagnoli.
HMC manages the university's $37.6 billion endowment.
Mr. Blyth went on an unspecified medical leave on May 23, 16 months after embarking on a turnaround plan to improve returns for the endowment.
Robert A. Ettl, HMC's chief operating officer, will continue to serve as interim CEO. Mr. Blyth will serve as senior adviser to the board.
“It has been a privilege to lead HMC, to work with such a talented team over the past decade, and to support an institution that makes a powerful impact in the world,” Mr. Blyth said in a news release announcing his resignation.
He added: “Harvard has played such a positive role in my life and, as I look forward to my next chapter, I am delighted to return to teaching and interacting with the students and faculty who remind all of us at HMC why the work that is done here is so important.”
Mr. Blyth was named president and CEO on Jan. 1, 2015, replacing Jane Mendillo, who retired.
René Canezin, head of public markets and natural resources, and Richard Hall, head of private equity, will continue to co-chair HMC's investment committee during this interim period. Additionally, Daniel Cummings, head of real estate, will serve as Mr. Ettl's vice chairman on HMC's executive committee.
HMC's board has hired executive search firm David Barrett Partners to conduct a search for a permanent replacement.
