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Jul 29, 2016 03:12 AM EDT

Harvard University News: Endowment Chief Stephen Blyth Resigns For Personal Reasons

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Stephen Blyth had been assigned to oversee Harvard University's $37.6 billion endowment. That was 18 months ago. Now, the investing chief has resigned from the Ivy League school this week.

Blyth was on a temporary medical leave back in May. He announced to the staff that he is departing for personal reasons. According to Robert Ettl, the CEO of Harvard Management Co., Ettl himself will take over the investment platform of Harvard as an interim endowment chief. CNBC has it that there are no official reports for a permanent successor for Blyth at the moment.

A London native and Harvard PhD statistician who is described to have a big personality, Blyth's role was to improve Harvard's funds. Having been only on the job for 18 months, at 48 years old, Blyth decided to depart immediately. His unspecified temporary medical leave since May 23 could have prompted his decision to resign. Meanwhile, Harvard Management Co. has enlisted David Barret Partners to look for his permanent successor. According to Bloomberg, Stephen was a great adviser and teacher. His many contributions during his 10 year career at Harvard Management Co. has earned him such recognition. The board is deeply grateful for his work to gain a more "flexible asset allocation framework, a redesigned compensation system, and a collaborative investment decision structure."

"It has been a privilege to lead HMC, to work with such a talented team over the past decade, and to support an institution that makes a powerful impact in the world," he said in a statement. "Harvard has played such a positive role in my life and, as I look forward to my next chapter," said Blyth, adding that he plans to return to teaching at Harvard. Blyth is a professor of the practice of statistics at the university, where he teaches quantitative finance.

Check out the video below for some related news about Stephen Blyth:

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