Commonfund said Wednesday that Verne Sedlacek will be leaving his position as president and CEO of the firm. However, Sedlacek has agreed to stay on until a replacement is found. Commonfund is an investment firm for institutional investors.
WILTON, CT, June 25, 2014 – Commonfund, a prominent investment manager for institutional investors, today announced that its President and CEO, Verne Sedlacek, will be stepping down after eleven years in his current position. Sedlacek has agreed to remain in his current role until his replacement is found, to ensure a smooth transition.
“On behalf of our entire board I would like to thank Verne for his outstanding leadership and his unwavering commitment to serving Commonfund clients,” said Dr. Robert Litterman, Commonfund Board Chair.
“It has truly been an honor and a privilege to lead Commonfund for the past eleven years,” said Sedlacek. “I look forward to working with the Board throughout the search and selection process and to ensure a smooth transition to my successor.”
The Board has hired an executive search to help in the process of finding its next President and CEO. While there is no definitive timeframe set to name a replacement, the process is expected to take upwards of a year. Commonfund will be looking to find only its fifth President and CEO since it was founded in 1971.
Founded in 1971, Commonfund is devoted to enhancing the financial resources of long-term investors including nonprofit institutions and pension plans through superior fund management, investment advice and treasury operations. Directly or through its subsidiaries – Commonfund Capital and Commonfund Asset Management Company – Commonfund manages nearly $25 billion for about 1,400 clients. Commonfund, together with its subsidiary companion organizations, offers highly flexible investment solutions in four strategic areas: Private Capital, Hedge Fund Strategies, Outsourced OCIO and Multi-Asset Programs. All securities are distributed through Commonfund Securities, Inc., a member of FINRA. For additional information about Commonfund, please visit <http://www.commonfund.org/>www.commonfund.org.