Top Leaders of Polk Bros. Fund Will Retire to Make Way for Restructuring Plans

Where they’re going: Sandra P. Guthman, 68, and Nikki Will Stein, 64, will both retire in December from leadership roles at the Polk Bros. Foundation, in Chicago, each wrapping up 23 years at the organization. Ms. Guthman has been chief executive since 1993 and head of the foundation’s board—a position she will retain—since it became a stand-alone nonprofit in 1988. Ms. Stein, who was the foundation’s first employee, will retire as executive director.

Why they’re both leaving: The foundation’s strategic plan, adopted four years ago, called for separating the chairman and CEO jobs. When Ms. Stein said she would retire, Ms. Guthman says, she realized she could move things along by stepping aside. The foundation plans to restructure the executive-leadership job into one position.

Background: Ms. Guthman is the daughter of Samuel Polk, one of the siblings who made their fortune through a chain of furniture and appliance stores. Ms. Guthman worked for IBM in marketing jobs before leaving to head the foundation. Ms. Stein served as the administrator of the Jewish Council on Urban Affairs, whose mission is very similar to Polk’s commitment to support health, education, and family services in impoverished Chicago communities.

Major accomplishment: Creating the foundation’s giving program and hiring the staff to run it, says Ms. Stein. To date, says Ms. Guthman, it has awarded $300-million.

Biggest challenge: Both women agree that shepherding the foundation through fluctuating business cycles of the past several decades has been tough. “The frustration of an endowed foundation is, just when you wish and need to have more money to give away is the time when you actually have less,” says Ms. Guthman. The foundation now has $400-million in assets.

Salaries: Ms. Guthman’s, $336,000 (though she has been working at a reduced salary for the past year to have time to travel); Ms. Stein’s, $203,250.

What’s next: For Ms. Guthman, continuing as the foundation’s board chairwoman, where she will focus on governance and succession issues. Ms. Stein expects to help out when she is needed. However, she says, her main occupation will be spending time with her four young granddaughters. “You don’t get forever to hang out with them.”