John F. Powers, Stanford Management Co.’s president and CEO, will be leaving next year as soon as a replacement can be found, said university spokeswoman Lisa Lapin.
Ms. Lapin said Stanford University President John Hennessy is forming a search committee to begin a national search for Mr. Power’s replacement.
Mr. Powers oversaw the management of the university’s $21.4 billion endowment and other trust assets totaling $3.6 billion. Mr. Powers, who was appointed to lead the Palo Alto, Calif.-based Stanford Management in 2006, said in a statement said he was looking for a new opportunity.
“I have decided that it is time to take my enthusiasm for business-building and find a new challenge, but I am mindful of the responsibility that comes with service to Stanford,” Mr. Powers said in the statement. “Thus I want to provide ample time for a search to be conducted for a successor to lead the SMC team, of which I am very proud.”
Over the 10 years ended June 30, the endowment and other investment pools achieved an annualized return of 9.9%. The combined investment pools returned 17% for the year ended June 30.