Mr. Schmid has overseen the investment management of the university's $10 billion endowment fund since July 2009. The university announced his intention to retire and its impending launch of a national search for his replacement on its website Tuesday.
Before joining the university, Mr. Schmid had been vice president and CIO of Boeing Co., Chicago, where he oversaw its defined benefit plan and 401(k) plan, which now have more than $100 billion in combined assets.
Before he joined Boeing in 2003, Mr. Schmid was director of asset management at DaimlerChrysler Corp., Auburn Hills, Mich. (now FCA U.S. LLC, a division of Stellantis NV).
“It has been a pleasure serving this outstanding institution over the past 12 years, and I have greatly enjoyed working with my colleagues here,” Mr. Schmid said in an email. “In addition, I have enjoyed learning about higher education after my 28 years in the corporate world.”
Mr. Schmid said he will continue serving on the board of directors for Lord Abbett Mutual Funds and as an adviser to Exelon’s investment committee.
In addition, he said, “I plan to spend more time with my family and grandchildren. As an avid golfer, I look forward to playing more golf.”
The website did not provide further information on the timeline for a replacement.
University spokeswoman Colleen Mastony referred questions to the announcement.