- Hutchins says he’s reached the end of board’s term limit
- Harvard investment committee added four members in last year
Glenn Hutchins, co-founder of the technology-focused buyout firm Silver Lake, has stepped down from the board of Harvard Management Co., which oversees the university’s $37 billion endowment.
Hutchins, part owner of the Boston Celtics, said in an interview on Monday with Bloomberg Television that he left the board after 10 years because of term limits. HMC’s board has seen a number of changes in the past year, with four new outside members as well as a new chairman. His departure leaves 11 members on the committee.
“Any good board has term limits and my time was up,” Hutchins said in the interview. He’s also the co-chairman of Harvard University’s $6.5 billion capital campaign, according to his bio on Silver Lake’s website.
Harvard has sought to improve the endowment’s investment performance after trailing rivals such as Yale University by overhauling the organization and trading strategy. Stephen Blyth, who took over as chief executive officer of the management company in January last year, went on an undisclosed temporary medical leave last month.
When asked in the interview whether the board was satisfied with the way the endowment is being managed, Hutchins replied “my view on these matters is they have people who speak for the organization and I’m neither of those, so I’m not going to make comments on that.”
Hutchins completes his term on June 30, Paul Finnegan, chair of HMC’s board of directors, said in a statement. “Glenn was a highly valued member of the HMC board and we very much appreciate his service,” Finnegan said.