Chief Investment Officer Michael Abbott steps down

Vice President for University Communications Tommy Bruce issued the following statement May 2:

Michael Abbott stepped down from his position as chief investment officer at Cornell University May 1. It had become apparent that his style of conducting business is inconsistent with Cornell's policies and expectations. Accordingly, he and the university have agreed that it is in their mutual interests to end the relationship.

A.J. Edwards will assume Abbott's responsibilities on an interim basis until the university has identified a suitable replacement. Edwards has served as senior investment officer since March 2008. The positive projections for the performance of Cornell's endowment and other investments, which are exceeding expectations, will not be affected. The core team of professionals in the university's investment office is already working effectively with the investment committee of the Cornell Board of Trustees to implement a smooth transition and ensure that the university meets its investment targets.

The university does not discuss personnel matters and will have no further comment.