Harvard Management Company (HMC) announced that Timothy R. Barakett has been appointed to chair its board of directors, effective July 1, 2024. Current chair Paul J. Finnegan will remain on the HMC board as a director.
Members of HMC’s board of directors and its chair are appointed by the President and Fellows of Harvard College (also known as the Harvard Corporation) to oversee management of the University’s endowment and related financial assets. Distributions from these funds contribute more than one-third of the University’s annual operating revenue, which, last year alone, translated to more than $2.2 billion in support of financial aid, groundbreaking research, world-class teaching, and more.
“The endowment provides Harvard with the resources it needs to advance our academic mission and research, and to support our students, faculty, and the broader Harvard community—both today and for generations to come,” said Barakett. “I would like to thank Paul for his invaluable contributions and leadership at HMC. Paul led a transformation of HMC, which has positioned it for long-term success, and we are very fortunate that the board will continue to benefit from his wisdom and guidance.”
The role of HMC chair has historically overlapped with that of University Treasurer. Finnegan ’75, MBA ’82, whose twelve years of service on the Harvard Corporation comes to a close at the end of the month, served as University Treasurer for nine years, from 2014–2023. He joined the HMC board in 2014 and assumed the role of chair the following year.
During Finnegan’s nine-year tenure as board chair, HMC underwent a number of significant changes. From leadership transitions, a move to an external investment management model, portfolio shifts, and more, these changes helped place HMC on firm footing to maximize long-term, risk-adjusted returns.
“HMC has been exceptionally fortunate to have had Paul’s leadership through the turnaround efforts and the more recent years as well. We are delighted that he will remain on HMC’s board,” said N.P. “Narv” Narvekar, CEO of HMC.
“We are also very excited about Tim’s new leadership role. He is a highly successful and experienced investor who has already brought a fresh perspective and deep engagement to HMC as a member of the board for the last two years,” Narvekar added.
Reflecting on his time as chair, Finnegan said, “The challenges of funding a leading research and teaching institution like Harvard are unrelenting, but it’s hard to think of someone better suited for the job than Tim. It’s an honor to pass him the gavel. I hope that I can continue to offer the board, Narv, and the whole team at HMC whatever support they need to succeed in their critical work on behalf of Harvard University.”
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