Lagging other Ivies, Harvard loses an additional financial exec

Stefanie Botelho's picture

There’s been an additional shakeup atop Harvard: Chief Financial Officer Dan Shore is the latest figure to depart the university. He will head to a startup called Onshape in September, according to an announcement issued on Monday. Shore follows top endowment official Jane Mendillo, chief executive officer of the Harvard Management Co., who said in June she would step down at the end of the year, as well as trader Apoorva Koticha, money manager Mark McKenna, and portfolio manager Matt Ciaschini. University treasurer James Rothenberg was replaced by Paul Finnegan on July 1.

Harvard’s $32.7 billion endowment, the nation’s largest, has trailed its peers since the financial crisis, with an average annual investment return of 1.24 percent. That compares with 4.86 percent at Columbia and 4.17 percent at the University of Chicago, a Bloomberg analysis found—even as Harvard had 10 of the 25 highest-paid endowment executives at private colleges and universities.

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