A university news release saidSchmid will be responsible for managing the university endowment, which was valued at $6.63 billion on June 30, 2008, before the economic downturn shaved an estimated 25% off that total. At Boeing, Schmid oversaw $65 billion in total retirement assets.
“Mark has demonstrated that he can build some of the highest-level investment teams in the nation,” said University of Chicago President Robert J. Zimmer, in the announcement. “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.”
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.”
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 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, according to the announcement.
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