David Gilmore, deputy chief investment officer of The Harry and Jeanette Weinberg Foundation Inc., Owings Mills, Md., will assume the role of chief investment officer effective Sept. 1, said a news release Monday.
Mr. Gilmore will replace current CIO Jonathan Hook, who's retiring effective Aug. 31. The changes were originally announced in mid-November, but the specific transition dates were not disclosed at that time.
Both Mr. Gilmore and Mr. Hook joined the foundation in 2014 and the foundation's assets have grown to $3.3 billion from $2.1 billion over that time, according to the news release.
Since joining the foundation, Mr. Gilmore has served as managing director of investments and as deputy CIO. Previously, Mr. Gilmore worked with Mr. Hook in building the Ohio State University investment office, and was also a partner at Gerber Taylor Capital Advisors, an independent investment advisory firm.
Before joining the foundation, Mr. Hook served as CIO for two universities: Baylor University and Ohio State.
"The Weinberg Foundation warmly congratulates Jonathan Hook on his distinguished tenure, including the development and growth of the investment team, as well as its integration within overall foundation operations," said Fay Hartog-Levin, chairwoman of the foundation, in the news release. "We also celebrate David Gilmore's seamless transition to the role of CIO, reflecting the foundation's commitment to continuity and planning, as well as internal advancement."
The foundation does not plan to fill the role of deputy CIO; instead, the investments' team transition plan includes adding two new positions before Mr. Hook's retirement, Mr. Gilmore said in a statement. The foundation has already completed one of those hires with the addition of an investment operations analyst, and the second position will focus on research, analysis and day-to-day management of the portfolio, Mr. Gilmore added. The search for the latter position will begin in the coming months, he said.
"The Weinberg Foundation is confident that this expansion of the investments team will position the foundation for continued asset growth, as well as corresponding increases in grant-making serving people who are experiencing poverty," Mr. Gilmore said.