Harvard Endowment’s New Boss Delays Gala to Review Fund Strategy
- Update on endowment expected in first quarter under new CEO
- Narvekar calls strategic review his ‘highest priority’
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Harvard Management Co., which oversees a $35.7 billion endowment that’s been plagued by underperformance, is postponing next month’s Winter Gala as its new chief executive officer leads a review of the fund’s strategy and structure.
“This planning work is our highest priority for the coming weeks and months, and will be our primary focus,” Nirmal “Narv” Narvekar, who this month joined Harvard’s endowment as its fourth chief executive officer since 2005, and Chief Operating Officer Bob Ettl wrote in an e-mail to staff. Narvekar and Ettl said they expect to provide “an update on our plans” in the first quarter of 2017.