Martin L. Leibowitz of Tiaa-Cref Is Elected Vice Chair, Carnegie Corporation of New York and Chair of Investment Committee

Carnegie Corporation of New York Board of Trustees elected Martin Leibowitz as its new Vice Chairman at its most recent board meeting. He is currently the Vice Chairman and Chief Investment Officer of TIAA-CREF, which was founded by Andrew Carnegie in 1917 with a $1 million grant. As well, Leibowitz, who has served on the board since 1998 and been a member of the investment committee, was elected Chair of that committee upon the retirement of Vincent Mai, chairman of AEA Investors, Inc.

"Marty is a valued member of the Corporation's board, because of his understanding about investments and finances,"said Vartan Gregorian, President of Carnegie Corporation of New York, "but also because there is no subject the foundation is involved in that won't benefit from his acute curiosity, experienced insights and focused sense of community. I believe his leadership, combined with that of our new Chair Helene L. Kaplan, will serve the Corporation well for years to come."

"The stewardship of our endowment, especially in these turbulent times, will benefit enormously from the experience of Marty," said Ellen Shuman, Vice President and Chief Investment Officer at the Corporation. "He understands the market and is one of America's most experienced financial executives in long-term investments. Since our founder,Andrew Carnegie, wanted his foundation to operate in perpetuity, we are fortunate to have Marty help us navigate through the next few years."

As Vice Chairman and Chief Investment Officer of TIAA-CREF since 1995, Leibowitz is responsible for overall management of all TIAA-CREF investments. He manages assets worth more than $270 billion, the largest pension system in the world. CREF includes the single largest managed equity fund in the U.S. and is one of the largest holders of shares traded on the New York Stock Exchange. Before joining TIAA-CREF, Leibowitz was Managing Director, Director of Research for both fixed income and equities at Salomon Brothers, Inc. where he worked for 26 years.

Leibowitz earned a Ph.D. in mathematics from the Courant Institute of New York University and both his B.A. and M.S. degrees from The University of Chicago. 

Carnegie Corporation of New York was created by Andrew Carnegie in 1911 to promote "the advancement and diffusion of knowledge and understanding." As a grantmaking foundation, the Corporation seeks to carry out Carnegie's vision of philanthropy, which he said should aim "to do real and permanent good in the world." The Corporation's capital fund, originally donated at a value of about $135 million, had a market value of $1.7 billion on September 30, 2001. The Corporation awards grants totaling approximately $75 million a year in the areas of education, international peace and security, international development and strengthening U.S. democracy.