March 5, 2013 | Read Time: 1 minute
Luis Ubiñas, a former McKinsey & Company executive whose 2007 appointment to lead the Ford Foundation came as a surprise to many in philanthropy, announced today that he will step down from the post in September.
During his tenure, Mr. Ubiñas refocused the 77-year-old foundation’s grant-making programs and oversaw sharp staff cuts amid the recession.
Mr. Ubiñas has not said what he will do next.
In a statement posted on Ford’s Web site, he expressed appreciation for the chance to lead the foundation and said he “had learned so much.”
“One of the hardest things for a leader is to know when to step down,” he wrote. “I believe it is when he has given as much as he can to the institution he leads. After a period of profound transformation, both in our society and at the Ford Foundation, that moment has come for me.”
Refocused Grant Making
While at Ford, Mr. Ubiñas focused the foundation’s work on eight broad topics, an attempt to move away from what some critics viewed as a scattershot approach to giving.
He also started new projects to end child marriage globally, expand the school day in the United States, and tackle climate change.
In 2009, the foundation’s endowment dropped by nearly 30 percent, to $8-billion, causing Mr. Ubiñas to offer buyouts to one-third of its 550 employees. Its assets have since recovered to about $11-billion, the foundation said.
“He led the organization through challenging economic times, and he will leave behind an institution that is even more focused in pursuit of its mission, operationally strong and efficient, and brimming with remarkable people and purpose,” Irene Hirano Inouye, chair of the foundation’s board, said in a news release announcing Mr. Ubiñas’s departure.
