Stephen Blyth, outgoing CEO, HMC
Harvard Management Company’s (HMC) CEO Stephen Blyth has
resigned for “personal reasons” effective immediately, the endowment announced.
Robert Ettl, HMC’s COO, will continue to serve as interim
The board is deeply grateful for Stephen’s many
contributions during his distinguished 10-year career at HMC, particularly in
his most recent role as president and CEO where he created a more flexible
asset allocation framework, a redesigned compensation system, and a
collaborative investment decision structure,” said Paul Finnegan, HMC board’s
Blyth, who announced he was taking a medical leave in May, will serve
as senior advisor to the endowment board. He will also return to teaching
quantitative finance at Harvard.
René Canezin, head of fixed income, credit, and
commodities, and Rich Hall, head of private equity, will continue to co-chair
the endowment’s investment committee. Head of Real Estate Daniel Cummings will
serve as Ettl’s vice-chairman on HMC’s executive committee, Harvard added.
“HMC is fortunate to have a strong and deep
leadership team,” Finnegan said. “We are confident that under Bob Ettl’s
leadership, HMC will continue to successfully implement its investment
Blyth was tapped as CEO in September 2014 replacing outgoing CEO Jane
Mendillo. He joined HMC in 2006 and served as head of public markets until the
promotion, overseeing roughly 40% of the fund’s assets.
The $37.6 billion endowment has hired executive recruiter David
Barrett Partners to search for Blyth’s replacement.
Endowment Chief Goes on Medical Leave & Harvard
Names New Endowment Head, Underperforms Peers in 2014