Carlos Rangel was named vice president and chief investment officer of the W.K. Kellogg Foundation, Battle Creek, Mich.
Effective Feb. 1, Mr. Rangel will replace CIO Joel Wittenberg, who is retiring at the end of the month, the foundation said Friday. He will manage the combined $8.3 billion in the foundation's endowment and trust.
Mr. Rangel, currently director of investments, joined the foundation in 2010 as a portfolio manager. A replacement has not yet been named, but his duties will be handled by other investment staff members while the search process continues, Kathy Reincke, the foundation's director of communications, said in an email.
Mr. Rangel will also serve as a member of the executive council, reporting to La June Montgomery Tabron, foundation president and CEO.
"Carlos made a personal commitment many years ago to spend his career putting the financial markets to work for the benefit of society and understands that every dollar the foundation earns on our investments improves conditions for children," Ms. Tabron said in a news release.
"He also has been a leader for WKKF toward broadening the adoption of racial equity within the financial sector and business community, while generating more dollars for grants," she said. "We are delighted to have someone with so much insight and expertise in this role."
