November 11, 2014
Stanford Management Company CEO John Powers to depart in 2015
John F. Powers, president and chief executive officer of the Stanford Management Company (SMC) since 2006, has announced that he will leave his post in 2015.
Powers, who oversees the investment of Stanford's $25 billion in endowment and trust assets and its expendable funds, will remain CEO until his replacement can be appointed.
"It is a privilege and honor to support this great university and its missions of teaching, research and service," Powers said. "I have decided that it is time to take my enthusiasm for business-building and find a new challenge, but I am mindful of the responsibility that comes with service to Stanford. Thus I want to provide ample time for a search to be conducted for a successor to lead the SMC team, of which I am very proud."
Stanford President John Hennessy will immediately launch a national search for Powers' successor.
"John Powers is a talented financial executive who has served the university and its educational mission expertly during his tenure. We have benefited greatly from John's efforts and from his steady direction during the financial crisis of 2008-2009," Hennessy said. "John has built a team within the Stanford Management Company that combines deep investment knowledge with an understanding and appreciation of the university it serves. I am pleased that John has graciously agreed to remain as CEO while we conduct our search, to assure continued leadership and a smooth transition."
Powers was appointed to lead SMC in June 2006. Since that time, the endowment has grown from $12 billion to $21.4 billion as of Aug. 31, 2014, the last day of Stanford's fiscal year. In the five years since the global financial crisis, the total merged investment pool managed by SMC has compounded at 13.1 percent annually, and the financial damage of the crisis has been fully repaired.
In addition to leading SMC, Powers has taught courses on finance and private equity in the Stanford Graduate School of Business.
Before joining Stanford, Powers served in numerous capacities at Offit Hall Capital Management LLC and at Robertson Stephens Inc. Powers serves on the board of Makena Capital Management, LLC as well as the Investment Advisory Board of Google Inc. Powers holds an MBA from the Stanford Graduate School of Business and a bachelor's degree from Cornell University.
The Stanford Management Company was established in 1991 to manage Stanford's financial and real estate assets. SMC is a division of the university governed by a Board of Directors appointed by the Stanford University Board of Trustees. SMC oversees more than $25 billion of endowment and trust assets, temporarily invested expendable funds and commercial real estate investments. The income generated from SMC's work supports Stanford's research and teaching, including student and faculty support, capital improvements and infrastructure, and operational funds.