Dan Shore, Harvard University vice president and chief financial officer is stepping down to join a technology startup in Cambridge, Massachusetts.
The news follows announcements that former University Treasurer James F. Rothenberg will exit on July 1. Harvard Management Company CEO Jane L. Mendillo will also leave later this year, PEI reported in June. Lane MacDonald who served as managing director for HMC’s private equity arm also departed in February after only three months.
Shore will serve as the CFO for Onshape, a new venture-backed company that is applying cloud, web and mobile technologies to Computer Aided Design (CAD). Onshape’s CAD offering has not yet been released.
Shore has been at Harvard since 2003 serving in various financial roles, eventually settling in as CFO. Prior to joining Harvard Shore worked as a consultant for McKinsey and Company.
Harvard president Drew Faust sent a note to Harvard staff and investors this morning announcing the departure writing, “all of us who have had the pleasure to work with Dan will miss him both professionally and personally, and we wish him the very best in all that lies ahead.”
In an emailed statement, Shore said, “the opportunity to be Harvard’s Chief Financial Officer has been a true honor. For me, this is the right opportunity at the right time, but Harvard has had a tremendous impact on me.”
HMC has exceeded its policy portfolio benchmark, delivering an estimated average annual return of 11 to 12 percent for the five years to 30 June 2014, according to the firm. During the same time frame, distributions from the endowment to Harvard University came to about $11 billion.