Cornell’s Chief Investment Officer, Don Fehrs ’77, announced his resignation yesterday. Fehrs started his term as CIO in 2003 after joining the Cornell investment staff in 1999. He has not yet determined his next career move.
“Don’s contributions to Cornell have been immeasurable,” said Stephen Golding, the University’s executive vice president for finance and administration, in a press release.
The university experienced a term of financial growth under the outgoing CIO For the three-year period that ended Dec. 31, 2005, the university’s investment portfolio earned annualized returns of 15.8 percent. In that time frame, Cornell’s endowment grew from just under $2.8 billion to more than $4 billion currently.
“Don has played an extremely important role in the restructuring of Cornell’s Investment Office and the manner in which the university’s endowment is managed,” said Cornell trustee Paul A. Gould, chair of the Investment Committee in the release. “We are very grateful for Don’s leadership and wish him all the best in his future endeavors.”
Fehrs says he valued his time at Cornell.
“I am proud of the secure investment position we’ve helped foster for the university. Recognizing that success, I feel the time has come when I can look at other opportunities,” he said.
Fehrs has agreed to remain in his position and work with the university’s leadership to help make a smooth transition for his successor and ensure that his departure does not have a detrimental effect on the university’s investment operations.