Stanford Management Company CEO to leave position
Mike McCaffery, president and chief executive officer of Stanford Management Company (SMC), announced Monday his intention to leave Stanford next year to form an investment company.
A search for McCaffery's replacement will begin immediately, according to Ward Woods, a member of the Stanford Board of Trustees and chair of the SMC board of directors. While the search is going on, McCaffery will remain at Stanford and act as a consultant to the new firm. McCaffery, who is a graduate of the Stanford Graduate School of Business, joined Stanford in 2000 after having served as chief executive officer of the investment banking firm of Robertson Stephens.
In addition, Michael Ross, SMC's chief investment officer, and David Burke, SMC's managing director of private equity, have announced they will leave Stanford at the end of this year to participate in the same venture as McCaffery. To ease the transition, Ross and Burke will act as consultants to Stanford for three months.
"Mike McCaffery has been a leader in endowment investing and has provided stellar results for Stanford, as well as being a great friend of the university. He will be difficult to replace, and we appreciate that he is willing to stay on so long to ensure that we have the time to find another star performer to lead the Stanford Management Company," Woods said. "We also wish Mike Ross and David Burke well in their new endeavor."
"I will miss my colleagues at Stanford but am pleased at what we have been able to accomplish in the last five years at the Stanford Management Company," McCaffery said. "There is great depth of talent here at the management company, and I am confident that the funds being invested will continue to generate superior returns for Stanford. I am excited to start a new venture and, at the same time, I hope to continue my relationship with this great institution for many years to come."
SMC was established in 1991 to manage Stanford's financial and real estate assets. SMC is a division of the university with oversight by a board of directors appointed by the university Board of Trustees. SMC oversees approximately $14.3 billion of endowment and trust assets, temporarily invested expendable funds and commercial real estate investments. SMC's work supports Stanford's research and teaching mission.