Investment banker Michael McCaffery will succeed Laurie Hoagland as head of the endowment at Stanford University endowment in September, the Los Angeles Times and San Francisco Chronicle report.
McCaffery left his post as chairman of San Francisco-based investment bank Robertson Stephens two months ago, according to the Chronicle. As president and CEO of Stanford Management Co., he will take charge of Stanford’s $7.9 billion endowment. The endowment includes stocks, bonds, venture capital investments and prime real estate.
McCaffery will take an enormous pay cut. His salary at Stanford, which the Chronicle says will be nearly $500,000 plus incentives, is only a small fraction of his total earnings at Robertson Stephens.
“I did not approach this job thinking about compensation at all,” McCaffery told the Chronicle. “It’s a great opportunity to become a member of the Stanford community where I earned my MBA.”
Hoagland announced plans to leave Stanford last year to run the $3-billion Hewlett Foundation.
Hoagland has been chief executive of Stanford Management since it was founded nine years ago.