What do you do when you hit 62 and mandatory retirement looms ahead?
If you're Calvert's Barbara Krumsiek
, you go into research and plan adventures in Nepal and Tibet.
Calvert announced today
that Krumsiek, who had served as president and chief executive officer of the $13 billion sustainable investing firm since 1997, will step down from these roles at the end of the year. She will retain her board chairmanship though, a position she held since 2006.
Krumsiek won't be severing ties with the firm though. She will serve as the founding chair of the Calvert Institute
, to be launched on January 1, 2015. According to the firm, the institute "will promote the growth of sustainable and responsible investing (SRI) through research, advocacy, and fostering innovation in the field of sustainable investing."
The search for a new CEO will begin immediately, according to Calvert, and will be led by Executive Vice President Bill Lester
of Ameritas Holding Company
, the parent company of Calvert Investments.
According to the Washington Business Journal
, Krumsiek, who is 62, was interested in serving on other public boards (she already sits on the boards for Pepco HoldingsInc., Meyer Foundation and Girl Scouts USA), and many of these boards have mandatory retirement deadlines for age 70.
The Business Journal's
Mark Holan wrote that "Krumsiek said her husband, Bart Leonard, "started jumping up and down" when she reached her decision to leave the C-suite."
Moreover, Holan writes that Krumsiek said that "trips to Nepal and Tibet are on top of the list for us."
Calvert held a press conference in March
outlining some of the sexier ideas in sustainable investing.
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