June 20 (Bloomberg) -- Stanford University, the fourth- richest U.S. college, lost its chief investment officer, Ken Frier, after less than one year on the job.
Frier no longer works at the endowment, Adam Gorlick, a spokesman for the school, near Palo Alto, California, said today in an interview. He declined to say when Frier left.
Stanford named Frier as CIO in August, filling a position that was open for more than two years. Previously, he held the same role at nearby Hewlett-Packard Co. Frier, a graduate of Stanford Business School, reported to John Powers, chief executive officer of Stanford Management Co., which oversees the fund. Powers didn’t immediately respond to an e-mail request for comment.
In September, Stanford said its investments rose 14.4 percent in the year ended June 30, on gains in credit investments and stocks. That performance beat Harvard University and Yale University, the two richest U.S. schools. The endowment rose to $13.8 billion in the year ended Aug. 31.
Frier’s departure was reported June 17 by Pensions & Investments.
--Editors: Josh Friedman, Steven Crabill
To contact the reporter on this story: Gillian Wee in New York at firstname.lastname@example.org.
To contact the editor responsible for this story: Christian Baumgaertel at email@example.com.