Carnegie Corporation CIO Ellen Shuman to Step Down

D. Ellen Shuman, Vice President and Chief Investment Officer of Carnegie Corporation of New York, announced that she intends to step down from her post effective July 15, 2011. Shuman met with Vartan Gregorian, President of Carnegie Corporation, and informed him of her decision to leave for personal reasons.  

Gregorian expressed his deep gratitude for Shuman’s years of service and outstanding stewardship of the endowment.  “Ellen’s investment acumen and her ability to attract and cultivate an exceptionally talented investment team over the past 12 ½ years, has allowed the foundation to continue to carry-out Andrew Carnegie’s mission.  The endowment’s performance under her direction has been exceptional, and the Corporation continues to be a strong institution as a result.” 

After time-off for reflection and relaxation, Shuman will determine her next professional move. 

In order to provide a smooth transition, Vartan Gregorian and Governor Tom Kean, Chairman of Carnegie Corporation, have established a Selection Committee to oversee the process of identifying the foundation’s next Chief Investment Officer.  Geoffrey T. Boisi, Chairman and CEO of Roundtable Investment Partners and a former co-CEO of JPMorgan, JPMorgan Chase’s investment bank and Chair of the Carnegie Corporation Investment Committee, will lead the Selection Committee and work closely with the investment office staff during the transition. 

The Corporation’s investment office manages $2.5 billion (year ended September 30, 2010) in investments across a variety of asset classes. 

In a letter informing the Corporation’s investment managers of her decision, Shuman said working for the foundation has been the most rewarding experience in her investment career.  She credited the strong, creative and motivated investment staff for the many investment accomplishments of the Corporation.