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Months After Naming a New CIO, W K Kellogg Hires New Director of Investments
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W.K. Kellogg Foundation appoints new CIO
Carlos Rangel
Carlos Rangel was named vice president and chief investment officer of the W.K. Kellogg Foundation, Battle Creek, Mich.
Effective Feb. 1, Mr. Rangel will replace CIO
Joel Wittenberg, who is retiring at the end of the month, the foundation said Friday. He will manage the combined $8.3 billion in the foundation s endowment and trust.
Mr. Rangel, currently director of investments, joined the foundation in 2010 as a portfolio manager. A replacement has not yet been named, but his duties will be handled by other investment staff members while the search process continues, Kathy Reincke, the foundation s director of communications, said in an email.
W K Kellogg Foundation names Carlos Rangel as vice president and chief investment officer
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The philanthropy has launched a search for a replacement.
Art by Nigel Buchanan
Joel Wittenberg, chief investment officer at the W.K. Kellogg Foundation, will go into consulting after more than a decade leading investments at the philanthropy. The foundation has launched a search for his replacement.
The vice president and CIO oversaw roughly $8 billion in assets at the Battle Creek, Michigan-based foundation, according to his LinkedIn profile, where he announced his retirement on Tuesday.
Institutional Investor first reported the departure on Monday.
“I’m excited to announce that I’ll be retiring from the W.K Kellogg Foundation after 11 years. On day one, I said this was my dream job and it’s been even more fulfilling for me. I’ve worked with a great investment team and the rest of the inspiring team working on the foundation’s important mission,” Wittenberg said in a LinkedIn post on Tuesday.
Institutional Investor has learned.
Joel Wittenberg has been the $7.8 billion foundation’s chief investment officer and vice president since 2009, a spokesperson for the foundation said via email.
The Battle Creek, Michigan-based foundation launched its search for a new CIO publicly early in December, a job listing shows. Engy Lamour and Allen Geller at Raines International are running the search process, the listing shows.
Wittenberg began working at the Kellogg Company in 2000, spending nine years as the cereal purveyor’s vice president and treasurer before joining the foundation, his LinkedIn profile shows.
Before joining Kellogg, Wittenberg worked as the vice president and treasurer for Pennsylvania-based manufacturing company Armstrong World Industries for three years. He previously served as the director of treasury and investments at Dow Chemical and was a fixed income portfolio manager at Alexander Hamilton Life Insurance Co. before that, his LinkedIn
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