Packard chief quitting

Richard T. Schlosberg III will resign as president and CEO of the David and Lucile Packard Foundation at year’s end, the Mercury News in San Jose reported June 24.

During Schlosberg’s nearly five-year tenure, Packard’s assets dropped over 60 percent to $4.8 billion due to stock losses, forcing him to lay off 60 people, or nearly 40 percent of the staff.

Schlosberg says his resignation is unrelated to Packard’s financial problems.

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