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”.