Commonfund CEO Announces Exit Plan

President and CEO of Commonfund Verne Sedlacek will exit the company once a replacement is found—but it could take another 12 months.

Verne Sedlacek is to leave his role as CEO and president of Commonfund after 11 years, the service provider has announced.

Sedlacek will remain in the role until a replacement has been found—a process which Commonfund’s board said could take as long as a year. The board has already hired an executive search firm to assist in identifying a successor.

Commonfund is a not-for-profit company which manages nearly $25 billion and provides outsourced investment services—including outsourced CIO services—to other non-profit businesses, pensions, and family offices.

Robert Litterman, chair of Commonfund’s board, said: “On behalf of our entire board I would like to thank Verne for his outstanding leadership and his unwavering commitment to serving Commonfund clients.”

Sedlacek described his 11-year tenure as “an honor and a privilege”.