Celebrating Change, Inspiring New Beginnings
August 11, 2010
450,000 jobs for low-income individuals, 17,000 affordable homes, and 27,000 non profit facilities and social enterprises.
These are the real measures of success.
President and CEO Shari Berenbach has spent the last 13 years taking Calvert Foundation and its investors to this level of success. Now, with a stellar track record of growth, Shari has made the difficult decision to pass the torch, leaving her legacy as the basis for Calvert Foundation’s next stage of growth.
"When I joined Calvert Foundation in l997, I took on the improbable challenge of demonstrating that investment can be a tool to end poverty. With impact investing now on the minds of individuals and institutions alike, investing to achieve community impact is an idea whose time has come. In more than 13 years, I have grown Calvert Foundation from $5 million to $500 million in assets under management. This move will provide the opportunity for Calvert Foundation to move to its next level of maturity," she said.
Shari's next step will be to lead microenterprise development at USAID, where she will oversee hundreds of millions of dollars at work in over 60 countries around the globe. "I am eager to bring to the world stage our commitment to market-based solutions for the creation of sustainable and scalable strategies to end poverty," she said.
Executive Vice President and Chief Lending Officer Lisa Hall will be serving as the interim head of Calvert Foundation until the Board of Directors appoints a permanent CEO. "It's been an honor to work with Shari and we will miss her tremendously. She will be leaving a legacy and imprint not just on Calvert Foundation but also on the entire impact investing sector," Lisa said.
Calvert Foundation is committed to carrying on its mission of fighting poverty through investment, and is working from a strong base moving forward. In fact, Calvert Foundation has celebrated many great successes as of late, including a partnership with Citi to invest $200 million in U.S. communities to finance small businesses and spur job growth. Calvert Foundation is an award-winning organization that has grown an average of 20% year over year since 1997, even flourishing during the recent economic downturn.
"I am so grateful to our investors and supporters for believing in the power of investment to help underserved communities," Shari said. "I am excited for the future of Calvert Foundation, and pleased to keep a part of this important experience with me – in my investment portfolio! I am, of course, a proud investor in the Community Investment Note."