Stone Named Executive VP, Treasurer
By Apoorva Murarka
Theresa M. Stone SM ’76, the current chair of the MIT Investment Management Company, has been named MIT’s next executive vice president and treasurer. Stone will replace Sherwin Greenblatt ’62, interim executive vice president and treasurer, in February 2007. Greenblatt has been serving as executive vice president since August 2005.
“I’m thrilled, … very honored, and excited to be able to take on this position,” Stone said of her new appointment. Stone’s appointment was announced by President Susan Hockfield in an e-mail to the MIT community on Nov. 8.
“It’s wonderful to serve this place that I’m so passionate about in areas that I have expertise in,” said Stone.
President Hockfield, Provost Rafael L. Reif, an internal advisory group, and the firm Spencer Stuart conducted the search for the new vice president.
“I think she [Hockfield] got in earnest on the search last summer and this fall, and at that point she approached me about the possibility and I just thought that this was something that would just be thrilling to do,” Stone said.
Hockfield announced last year that with the hiring of a permanent executive vice president, the responsibilities of the treasurer will change. A separate position will be created to manage MIT’s endowment and the vice president will take on the other duties of the treasurer.
“I think historically there was a lot of merging of those responsibilities in the office of the treasurer, but these are … very broad and complex responsibilities. … What we needed to do was to have one group of people whose sole responsibility was to be managing the endowment from an investment management standpoint,” said Stone. “The EVP position pulls together [the] whole set of financial, administrative and operating responsibilities.”
“I think it’s a very good reorganization,” added Stone. “Everybody [believed] that this was overdue, that we had been asking too much of [former MIT Treasurer] Allen Bufferd [’59].”
Stone is a current board member of a number of institutions and businesses. She is also the deputy chair of the Federal Reserve Bank of Richmond, according to the News Office. However she plans on keeping “very little” of these commitments once she takes over as the executive vice president.
“I’ll be shedding most of those outside commitments as I move into this position just because the demands of this job are going to be huge, and at the same time I want to get fully involved with the MIT community,” Stone said.
Stone, who received her master’s degree in management from MIT Sloan in 1976, has been a member of the MIT Corporation since 1996. Stone has also served on the Executive and Development Committees of the Corporation, chairs the Visiting Committee for the Humanities, and serves on the MIT Sloan Dean’s Advisory Council and the Visiting Committee for Music and Theater Arts.
She will still be involved in these positions once she takes over as the executive vice president.
“I [will] become what they call ex-officio member of all these bodies, so by virtue of my position I’ll be on the Corporation, Executive Committee, Investment Management Company, [and] Development Committee. … I’ll relinquish my position on the Corporation as an outside board member [and] as chair of the Investment Management Company, but I’ll still be involved as an ex-officio member,” Stone said.