Harvard’s El-Erian named sole CEO of investment firm
Mohamed El-Erian, former head of Harvard’s $35-billion endowment, will take over as sole CEO of Newport Beach, Calif.-based Pacific Investment Management Co., a global investment-management firm, Bloomberg reported Sept. 5 (see PIMCO story). Bill Thompson, with whom El-Erian currently shares the office, will retire at the end of this year.
One in 17 Virginians work for nonprofits, report says
One in 17 people in Virginia worked for a nonprofit in 2005, a new report says, The Richmond Times-Dispatch reported Sept. 5. The state’s nonprofit sector, whose employees earned a total of more than $8.2 billion in 2005, grew by 34.7 percent from 1995 to 2005, compared to 19.5 percent growth for the for-profit work force.
EBay launches philanthropic website
Online auction site eBay has launched WorldofGood.com, a website that sells products with positive social and environmental impact, the Associated Press reported Sept. 3. The site was developed in partnership with World of Good Inc., a startup focused on the ethics of the supply chains behind consumer products.
* Philanthropy has moved from the periphery to the core of corporate business strategy, nonprofit executive Edward Granger-Happ said in an opinion column in Mass High Tech Sept. 5.
* Already struggling through the economic downturn, charities brace for greater demand when temperatures drop, The Roanoke Times reported Sept. 5.