University of Chicago President Robert J. Zimmer has appointed Mark A. Schmid as Vice President and Chief Investment Officer.
Schmid comes to the University from Chicago-based Boeing Co., where he was Vice President and Chief Investment Officer, building a team that oversaw $65 billion in total retirement assets. Prior to Boeing, Schmid spent 17 years at Chrysler Corp. and DaimlerChrysler AG, rising to Chief Investment Officer and overseeing savings and investment programs totaling $30 billion.
"Mark has demonstrated that he can build some of the highest-level investment teams in the nation," Zimmer said. "At a time when managing a major university endowment is more complex than ever, his experience and his leadership will help us to be the best stewards we can of the University's resources."
Schmid will be responsible for managing the University's endowment, which was valued at $6.63 billion on June 30, 2008, before the economic crisis sharply reduced the value of institutional investments nationwide. Officials have estimated that the value of Chicago's endowment, like those of peer institutions, has dropped about 25 percent, though figures for fiscal 2009 will not be available until later this year.
In his new role Schmid will work closely with the University's Investment Committee and manage a team of 14 investment professionals. The Investment Committee and Executive Committee of the Board of Trustees approved Schmid's appointment last week. He is scheduled to begin July 6.
"The global financial crisis has presented the University of Chicago with a variety of interesting challenges and opportunities," said Andrew Alper, chairman of the University's Board of Trustees. "We are fortunate to have a professional with Mark's experience and background to help us navigate the challenging investment environment and to generate the resources necessary to help us realize our ambitions."
"The Investment Committee is delighted to have a professional of Mark's caliber join the University. He will provide superb leadership to the University's investment team, bringing successful experience across all the asset classes we invest in," said Kathryn Gould, chair of the Investment Committee. "We know he will provide the thoughtful stewardship for our endowment that will enable us to continue to develop our ambitious academic agenda."
Schmid said he welcomes the chance to work at the University.
"I am very excited about joining the University of Chicago team and assuming the role of Chief Investment Officer," Schmid said. "This is an excellent opportunity to continue to build a world-class investment office at one of the most respected universities in the world."
Schmid received a bachelor's degree in accounting from the University of Detroit and a Master of Business Administration degree from Wayne State University. He is active in the Economic Club of Chicago and the Committee on Investment of Employee Benefit Assets. He lives in Chicago's western suburbs with his wife and five children.
Schmid succeeds Peter Stein, who announced in January that he would be stepping down on June 30 for family reasons, after four years with the University.
Located in the Hyde Park neighborhood on Chicago's South Side, the University of Chicago has roughly 4,900 undergraduate and 9,800 graduate, professional and other students. Eighty-one Nobel laureates have had affiliations with the University, including seven current faculty members.
Boeing is a leading aerospace company with customers in more than 90 countries. Headquartered in Chicago, the company employs approximately 160,000 people across the United States and in 70 countries.
—Prof. Chuan He
