Penn Foundation Head to Step Down After 6-Month Tenure

Peter J. Degnan, the managing director of the William Penn Foundation, will leave his post with Philadelphia’s largest philanthropy at the end of August, less than six months after he took office, The Philadelphia Inquirer writes.

Laura Sparks, the foundation’s chief philanthropy officer, will step into the top job and hold the title of executive director. She will oversee the $2.2-billion fund’s finances and operations, as did Mr. Degnan, while retaining supervision of grant making, which has totaled $204-million over the last two years.

Mr. Degnan, 55, is a former vice dean at the University of Pennsylvania’s Wharton School. He joined the foundation in March, a month after he was hired to replace Jeremy Nowak, who stepped down in November 2012 amid differences with the foundation’s board. Chairman David Haas said Mr. Degnan told the board “within recent weeks” of his intention to resign for “personal reasons,” but Mr. Haas declined to elaborate on the timing or cause.