Jack R. Meyer (HBS ’69), president and chief executive officer of Harvard Management Company, announced on January 11th his plans to conclude his service at HMC sometime later this year, after the close of HMC’s fiscal year in June 2005. To ensure a smooth transition, the University has created a steering committee that will oversee aspects of HMC during the interim period, direct the search for a new HMC president, and consider more generally how best to ensure HMC’s future organizational strength and sound investment results.
“Thanks to Jack Meyer’s leadership and the work of people throughout the organization, HMC’s outstanding investment returns have strongly contributed to Harvard’s financial well-being and its capacity to innovate and grow,” said James F. Rothenberg, treasurer of Harvard University and chairman of the HMC board. “Assuring that capacity for the long term is a matter of the highest priority for the University.”
Established in 1974, HMC is the separately incorporated Harvard affiliate responsible for the investment of the University’s endowment assets and certain other funds. Meyer, who has led HMC since 1990, plans to launch a private investment firm with several colleagues following their departure from HMC.
“I am extremely proud of what the dedicated and talented team at HMC has accomplished over the past fifteen years, and I have greatly enjoyed the opportunity to serve Harvard,” Meyer said. “Even as I and several of my colleagues contemplate what we anticipate will be an exciting new venture after we leave, we remain intently focused on ensuring the strong investment results of the Harvard endowment in the time ahead. I look forward to working with my HMC colleagues and the steering committee to assure a seamless and successful transition to new leadership and a bright future for the organization.”
Rothenberg, who will chair the steering committee, will be joined in the effort by Lawrence H. Summers, president of Harvard University; Robert E. Rubin, a member of the Harvard Corporation; Ann Berman, the University’s vice president for finance and chief financial officer; Robert Iuliano, the University’s vice president and general counsel; Peter Nadosy, who along with Rothenberg, Summers, and Berman sits on the HMC board; Steven (Mac) Heller, an investment banker; and Lewis Kaden, a partner in the law firm of Davis Polk & Wardwell.
“Our committee will be aiming to identify outstanding new leadership for Harvard Management Company and considering more generally how best to carry forward its longstanding record of success,” said Rothenberg. “We will be consulting broadly, both within and beyond the Harvard community, in reflecting on the distinctive investment model that has served Harvard so well, and in considering how best to position HMC for the future in a changing economic environment. Our overriding objective will be to ensure that Harvard’s endowment will continue to be invested with the highest level of professionalism, skill, and care, both during this interim period and in the years to come.”
Added Summers: “Countless alumni and friends have contributed to Harvard’s endowment over time, and it is a matter of great importance to ensure that those funds, which do so much to support our academic programs, continue to be invested expertly and effectively. A number of us will be devoting close attention to this consequential task in the coming weeks and months. We’re grateful to Jack Meyer and the entire HMC staff for all they have done, and continue to do, to help the endowment grow and to help Harvard meet its ambitious academic aspirations.”
Meyer will be joined in his new venture by HMC colleagues Edward DeNoble, David Mittelman, Michael Pradko, and Maurice Samuels. A 1969 graduate of Harvard Business School, Meyer joined Harvard Management Company in 1990, having previously served as treasurer and chief investment officer of the Rockefeller Foundation and, before that, as deputy controller of the City of New York.
Members of the Harvard community and interested others are invited to convey their thoughts about the HMC search or related matters to HMCsearch@Harvard.edu.