Cornell University Executive Vice President for Finance and Administration Stephen Golding has accepted the resignation of Don Fehrs as the chief investment officer of Cornell's Investment Office. Fehrs has not yet determined his next career move.

Fehrs, 50, a 1977 graduate of Cornell who also holds a Ph.D. in finance from Florida State University, joined the Cornell investment staff in 1999 and has been Cornell's chief investment officer since January of 2003. For the three-year period that ended Dec. 31, 2005, the university's investment portfolio earned annualized returns of 15.8 percent, helping the endowment grow from just under $2.8 billion at the beginning of that period to over $4 billion currently.

"Don's contributions to Cornell have been immeasurable," said Golding. "He is a talented leader in the investment field, and he and his investment team have contributed to a period of unprecedented growth for the university. We wish him the very best as he pursues the next phase of his career."

"Don has played an extremely important role in the restructuring of Cornell's Investment Office and the manner in which the university's endowment is managed," said Cornell trustee Paul A. Gould, chair of the Investment Committee. "We are very grateful for Don's leadership and wish him all the best in his future endeavors."

"I have valued my time at Cornell and am thankful for the many talented and dedicated people with whom I have worked," Fehrs said. "I am proud of the secure investment position we've helped foster for the university. Recognizing that success, I feel the time has come when I can look at other opportunities."

Fehrs has agreed to remain in his position and work with the university's leadership to facilitate the transition for his successor and assure that there are no disruptions in the university's investment operations.