WILTON, Conn. -- Verne O. Sedlacek will step down as president and CEO of Commonfund after an 11-year tenure, the Wilton-based company announced Wednesday, June 25.
Sedlacek said he will remain with the company during the search process to ensure a smooth transition, the statement from Commonfund said.
“It has truly been an honor and a privilege to lead Commonfund for the past 11 years,” said Sedlacek. “I look forward to working with the board throughout the search and selection process and to ensure a smooth transition to my successor.”
Commonfund is a prominent investment manager for institutional investors.
“On behalf of our entire board, I would like to thank Verne for his outstanding leadership and his unwavering commitment to serving Commonfund clients,” said Robert Litterman, board chairman of Commonfund.
The board has hired an executive search firm to help in the process of finding Commonfund's next president and CEO. While there is no definitive time frame set to name a replacement, the process is expected to take upward of a year.
The company will be looking to find only its fifth president and CEO since it was founded in 1971.
Sedlacek joined Commonfund in 2002 as executive vice president and chief operating officer and was appointed president and CEO July 1, 2003. In addition, he serves as a member of the Commonfund Group investment policy committee.
Before joining Commonfund, Sedlacek was president and COO of John W. Henry & Co. Inc., president and director of Westport Capital Management Corp. and Global Capital Management Ltd., according to the company's website. Previously, he served as executive vice president and chief financial officer for the Harvard Management Co.
Sedlacek earned a bachelor's degree in economics from Princeton University and was certified as a CPA by the state of New York in 1978.
Commonfund works to enhance the financial resources of long-term investors, including nonprofit institutions and pension plans, through fund management, investment advice and treasury operations.
For additional information about Commonfund, visit its website .