Eileen Walsh, News Service (650) 725-1949; e-mail: email@example.com
Hoagland to step down as head of Stanford Management Company
Laurance R. (Laurie) Hoagland, the president and CEO of Stanford Management Company (SMC) since its founding in 1991, has decided to step down. The Management Company's board of directors is forming a committee to conduct a national search for a new CEO. Hoagland will stay until his successor is in place, but not beyond next Aug. 31.
"Having the opportunity to be the founding CEO of SMC was a dream come true for me," Hoagland said. "Both the board of directors and the other members of the management team have been extraordinary to work with. However, by the time I depart, I will have been here nine years. It's time for fresh ideas and fresh leadership."
Since SMC's founding, the Merged Endowment Pool, which includes most of Stanford's endowment, has grown from $1.87 billion to approximately $6 billion now. In addition, during the past eight years approximately $1.4 billion in total has flowed from the endowment into the university budget. Growth has been driven by strong investment markets, outstanding performance by internal and external managers and substantial new gifts.
Gregor G. Peterson, chair of the Stanford Management Company board of directors, said that Hoagland "has done a superb job as president and CEO of Stanford Management Company. He has exceeded the goals and objectives that were established when he came here. Under his leadership, the endowment has grown at a 15.7 percent annual return, which has significantly exceeded the composite benchmark. The incremental dollars earned on the endowment over the benchmark return during Laurie's tenure total $500 million, which is a remarkable and very meaningful contribution to Stanford University."
Hoagland noted that, after he decided to step down, he was approached by the Hewlett Foundation to oversee its investment assets when William F. Nichols, the current treasurer, retires. "I have concluded that, after some time off, I will step in behind Bill Nichols," Hoagland said. "I am very excited to be able to build on the strong program he has initiated." Hoagland has served as a member of the foundation's investment committee for the past three years.
SMC Board Member John Scully will chair the search committee. Other members are Robert Burke, member of the SMC board and Stanford trustee; Mariann Byerwalter, vice president for business affairs and chief financial officer at Stanford and member of the SMC board; Reece Duca, member of the SMC board; Brad Freeman, Stanford trustee and chair of the Finance Committee; and Ward Woods, member of the SMC board and Stanford trustee.
Robert Bass, chairman of the Stanford Board of Trustees; Stanford President Gerhard Casper; and SMC board chair Peterson, who is also a Stanford trustee, will be ex-officio members of the search committee.