Calvert Investments Inc., a socially responsible investing mutual fund firm, announced that its president and CEO, Barbara Krumsiek, will vacate those positions by year end, though she will remain chairwoman of the Calvert board. In addition, she will become the first chairwoman of the newly created Calvert Institute, which is designed to "promote the growth of sustainable and responsible investing (SRI) through research, advocacy and fostering innovation in the field of sustainable investing," according to a company statement. The institute will begin operations on Jan. 1.
The search for Krumsiek's replacement as CEO will be led by Executive Vice President Bill Lester of Ameritas Holding Co., parent company of Calvert Investments. In the same statement, Lester noted that under Krumsiek's tenure Calvert's AUM tripled, to more than $13 billion as of April 30, while helping to bring "sustainable and responsible investment strategies" to both individual and institutional investors, particularly in 401(k)s.
Krumsiek, 61, said that leading the new institute will allow her "to pursue what I am personally passionate about — promoting corporate social responsibility throughout the world to secure a better future for generations to come."
Krumsiek joined Calvert in 1997 as president and CEO and has long been a leader in the SRI space. She spent three years as co-chair of the U.N. Environment Programme-Finance Initiative and also developed the Calvert Women's Principles, a global code of corporate conduct focused on women.
Speaking of the Principles in 2010, Krumsiek said "In order for companies to reach their full potential, they must create an environment in which women are treated equally, where they hold key leadership positions, and are full participants in decision making."
