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Search Is on to Replace Retiring Mellon Foundation CIO

After 16 years, John Hull plans to step down from the $6.5 billion New York City foundation.

The Andrew W. Mellon Foundation’s chief investment officer and financial vice president John Hull is set to retire at the end of March 2018, the Manhattan-based charity announced Monday.

A search is underway for Hull’s successor. The Mellon Foundation has hired executive recruiting firm Goldsmith & Co. to assist in the search, according to the announcement. Goldsmith was chosen by the New York City Public Library earlier this year for its CIO search.

Hull’s March 31, 2018 retirement date coincides with his 16th anniversary at the organization.

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Under Hull’s leadership, the foundation said its investment portfolio has grown from roughly $4.1 billion in 2002 to around $6.5 billion this year. Hull built the fund’s first investment team, overhauled its portfolio and finance office, and, according to the announcement, worked under three presidents and four board chairs. Hull did not respond to an invitation to comment on his tenure.

Prior to joining the Mellon Foundation, Hull oversaw the New York State Common Retirement Fund as deputy comptroller for investments and cash management. That public pension fund more than quadrupled its assets during Hull’s 17-year tenure, exceeding $110 billion at the time of his departure.

The Mellon Foundation’s board — which includes ex-Harvard endowment CEO Jane Mendillo, Hall Capital Partners’ CIO Kathryn Hall, and the presidents of MIT and Duke University, among others — expressed gratitude for the outgoing CIO’s “dedication, wisdom, and steady stewardship.”

Hull earned $923,311 for his 2015 work at the foundation, plus $77,478 in benefits contributions, according to the latest-available IRS filings.

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