Widgets Magazine

Stanford seeks new CIO

Stanford University is searching for a chief investment officer (CIO) to help manage its endowment, but candidates for the position have not yet been disclosed.

The post has been vacant since February 2008, when former chief investment officer Eric Upin stepped down to pursue a career with Sequoia Capital, a venture capital firm.

Stanford recently announced it has been searching for a replacement CIO since last October. The University has enlisted the help of David Barrett Partners LLC, a New York company specializing in senior-level recruiting.

The development comes after a rocky financial year for Stanford’s endowment. A study by the National Association of College and University Business Officers (NACUBO) and the Commonfund revealed that the endowment dropped by 27 percent from FY2008 to FY2009. The reported value of the endowment was $12.6 billion as of August 2009.

The endowment is expected to be in improved shape relative to the last fiscal year. Official statistics for FY2010 have not been released.

John Powers, the chief executive officer of Stanford Management Company, said he wants a colleague who could assist him with the University’s portfolio. Once appointed, the new CIO would be working with the third-largest U.S. college endowment.

— An Le Nguyen