The Delaware Community Foundation, a group that manages charitable funds and distributes them as grants and scholarships, says its president is retiring.
Fred Sears will step down at the end of 2015.
During Sears’s 13-year tenure, the foundation’s assets grew to 285 million dollars. Sears brought an extensive background in banking to the organization, including a stint as the President of Commerce Bank/Delaware.
In a letter to the DCF board, Sears said that during his years as president, the foundation had become a leader of the pack in the world of philanthropy, and that growth had exceeded expectations.
The Delaware Community Foundation will conduct a national search to find its new President and CEO.