Corporation Board Elects New Trustee and Approves New Grantmaking Directions
At its June 10-11, 1998, board meeting, the trustees of Carnegie Corporation of New York announced the election of Martin L. Leibowitz to the board of trustees. Mr. Leibowitz, who has served as a member of the Corporation's external investment advisory group since the fall of 1995, will join the finance and administration committee, which establishes investment policies for the foundation and recommends the annual budget to the board.
Mr. Leibowitz has been vice chairman and chief investment officer for the TIAA-CREF organization, responsible for the overall management of all TIAA-CREF investments. TIAA-CREF, with more than $235 billion in assets under management, has the largest pension system in the world. Previously, he was for more than 26 years associated with Salomon Brothers, Inc., where he was a managing director, director of research for both fixed income and equities, and a member of the firm's executive committee.
He received both his B.A. and M.S. degrees from The University of Chicago and the Ph.D. in mathematics from the Courant Institute of New York University. He is the author of four books and over 130 articles that range in subject from the mathematics of price volatility to asset allocation and liability management. His most recent coauthored book is Return Targets and Shortfall Risks, published in 1996.
Vartan Gregorian, Carnegie Corporation's president, in commenting on the election of Mr. Leibowitz, said, "We are extremely pleased to have attracted to the board a man who is held in such high esteem in the investment community and within the foundation and nonprofit fields, where he has made a significant contribution. His service on the external investment advisory group has been of inestimable value to the Corporation, and we look forward to a continuing close collaboration with him as we develop our programs in the future."
Broad new directions in its grantmaking programs were approved at the June 10-11 meeting of the trustees. There will be three main program divisions: education, international affairs, and democracy, under which continuing and new program areas and approaches will be implemented. Specific plans will be submitted to the board at its first meeting of the new fiscal year in October 1998, when guidelines for grantseekers will be issued.Until then, no unsolicited proposals will be accepted.
Carnegie Corporation of New York was founded in 1911 by Andrew Carnegie "for the advancement of knowledge and understanding." Currently it provides grants totaling nearly $60 million annually.