Wilton, Conn.-based Commonfund, an institutional investment firm, announced today that its president and chief executive officer Verne Sedlacek would be stepping down after 11 years in the position.

Sedlacek has agreed to remain in his current role until a replacement is found, according to the firm. 

“It has truly been an honor and a privilege to lead Commonfund for the past eleven years,” said Sedlacek. “I look forward to working with the Board throughout the search and selection process and to ensure a smooth transition to my successor.”

Founded in 1971, Commonfund’s board of directors has hired an executive search team to help find its fifth president and CEO. The process is expected to take upwards of a year. 

Commonfund manages over $24 billion for nearly 1,500 institutions.