No Reason Given for Departure of Investment Chief at Yale New Haven Health

Scott Lupkas, who became vice president of investments at the Yale New Haven Health System in February 2022, is no longer with the organization, according to a system spokesperson. No reason was given for his departure, and the spokesperson said the system does not comment on personnel matters.

For fiscal 2022, ending September 30, 2022, covering Lupkas’ first eight months on the job, the system’s annual report did not break out data on its investment portfolio. Calendar 2022 was a tough one for capital markets, with the S&P 500 losing 19.6% and the Bloomberg U.S. Aggregate bond index down 13%.

But a KPMG audit of the organization showed the health organization suffered a $572 million loss in fiscal 2022, $385 million from investments, which were valued at $3.6 billion as of September 30, 2022. Higher expenses accounted for much of the other red ink. The year before, YNH was in the black overall, $647 million, with $563 million in investment gains.

Before joining YNH, Lupkas for two years headed pension investments at Raytheon Technologies Corp., now a part of RTX Corp. Previously he served almost six years as a senior managing director for retiree medical benefits at the United Auto Workers. He could not be reached for comment.

Shortly after Lupkas’s arrival, Geeta Kapadia, who had been director of investments at the Yale health-care nonprofit for 13 years, was appointed CIO of Fordham University in August 2022.

Two lower-ranking investment officials followed her: David Pearson, an investment analyst at YNH, was named associate director of investments at Fordham, and Mallika Nair, a YNH investment strategist, left to become senior director of investments at Fordham (she was part of CIO’s 2022 class of NextGens).