Asset Allocation October 7, 2022 Yale Endowment Gains 0.8%, Duke, Cornell Post Small Losses in 2022. At such times, the university has a prescribed method for evaluation and communication of these changes to university staff, faculty, and students. Our institution is uniquely positioned for further transformation, and we have an amazing dean at the helm. Michael Abbott, Cornell's chief investment officer, stepped down on Sunday, according to Vice President for University Communications Tommy Bruce.The reason for Abbott's departure remains . 3 0 obj
Cornell's colleges and schools encompass more than 100 fields of study, with locations in Ithaca, New York, New York City and Doha, Qatar. Ken Miranda received a base salary of . A recent expansion of physician services across the city has yielded an almost 40 percent increase in clinical revenue in the past five years, Puccino said. The review process will begin immediately upon receipt of materials. Edwards has served as senior investment officer since March 2008. stream
Cornell University requires anyone handling cash, checks, or securities on its behalf to safeguard these assets by applying appropriate internal controls, and that securities be managed in compliance with the bylaws of the Board of Trustees. hT[o0+~TuvB Zh4=4GdgasVvMosT+ti
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? 395 Pine Tree Road, Suite 330 l[c.2HK@)'W@]!$xB8K@! Each operating unit is responsible for following university procedures to achieve accurate capital asset reporting and compliance with government requirements. Given his experience in global investing, Miranda said he expects to globalize the return streams of the endowment. It had become apparent that his style of conducting business is inconsistent with Cornell's policies and expectations. The president is the chief executive and educational officer of the university and is charged with responsibility for providing general supervision over all affairs of the university. As chief financial officer, Puccino will direct the Finance Department and continue to lead the Office of Budget and Financial Strategy, which provides key services including institutional reporting; analyses of budgetary, business and institutional resources; and financial and risk management. A key component to the institution's long-term growth centers on increasing its clinical footprint in New York. Cornell University2023University PrivacyWeb Accessibility Assistance. New York, NY 10065 I wish him all the best in his future endeavors.". Back Submit. Director of the IMFs investment office since 2000, Miranda also has been a member of the Cornell University Board of Trustees Investment Committee since February 2012. The Investment Office helps support the University's mission of being a top research university that provides accessibility to students. %PDF-1.7
The Investment Office helps support the Universitys mission of being a top research university that provides accessibility to students. Current-Year Long-Term Investment Pool Rates; Prior-Year Long-Term Investment Pool Rates; Investing in the Long-Term Investment Pool; Investment Glossary; Year-End. Chief Financial Officer & Chief Investment Officer Celsius Apr 2019 - . Kelly E. Cunningham Chief of Staff and Special Counsel to the President Joanne M. DeStefano Executive Vice President and Chief Financial Officer Ryan T. Lombardi Vice President for Student and Campus Life Christine D. Lovely Vice President and Chief Human Resources Officer Joel M. Malina Vice President for University Relations Kenneth M. Miranda Miranda earned a doctorate in economics from the University of Chicago in 1986 and a Bachelor of Science in foreign service from Georgetown University in 1981. This policy does not apply to any advance payment required by a vendor. Cornell University, through its operating units, generates income as a result of sponsored projects or federal appropriations. Search for Executive Vice President and Chief Financial Officer, Chief of Staff and Special Counsel to the President; Chair, Search Advisory Committee, Charles Field Knight Dean of the Cornell SC Johnson College of Business, Vice President and Chief Human Resources Officer, Senior Associate Dean for Clinical Affairs, Weill Cornell Medicine, Chief Administrative Officer, Cornell Tech. %PDF-1.6
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CORNELL UNIVERSITY POLICY LIBRARY POLICY 4.6 Volume: 4, Governance/Legal Chapter: 6, Standards of Ethical Conduct Responsible Executive: President Responsible Offices: Provosts/Executive Vice President and Chief Financial Officer Originally Issued: October 1996 Last Updated: February 8, 2021 Standards of Ethical Conduct POLICY STATEMENT Tel: 646-973-4400 1155 Avenue of the Americas Suite 1850 New York, NY 10036 investment@investment.cornell.edu corefixed@investment.cornell.edu R(jG=[@8} Jd?b>cD"n'Q)AYvy*)4(*6"$!8j#?i
UO^ 2h. Get Cornell news delivered right to your inbox. Before joining the university, Ms. DeStefano worked in the corporate sector. A recent . Prior to joining Cornell University in 2021, she worked at the School of Health Sciences and Human Performance at Ithaca College. Similarly, research support from the National Institutes of Health has surged 75 percent in the past five years, and the number of investigators who are funded by the NIH has increased by 50 percent, Puccino said. Puccino has served as assistant vice provost for financial planning and institutional reporting for the past decade, and has held numerous leadership positions in budget and finance over his 30-year career at Weill Cornell Medicine. Cornell University provides telephone service for individuals undertaking mission-related activities. In this section: Search Committee ( see below) He will also capitalize on the institutions $1.5 billion Were Changing Medicine campaign for long-term growth. "I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next," he added. Rafael Cestero, BS PAM '90 . (Acting) Chief Technology Officer (Apr 2022 - Jul 2022) Headed multiple departments of Corporate Strategy, Product Development, Process Improvement, Innovation and Sustainability, and Business Research + Reshaped EXIM's bank strategy towards Thailand Development Bank, focusing on investment to drive trade, competitiveness, and sustainability 317 Day HallCornell UniversityIthaca, NY 14853. Kenneth Miranda, director of the International Monetary Fund's (IMF) investment office, has been selected as Cornell's chief investment officer, Provost and Acting President Michael Kotlikoff announced today. The Executive Vice President and Chief Financial Officer ("EVP" or "EVP/CFO"), reporting to the President, is the most senior non-academic officer for the university. Ms. DeStefano began her tenure with the university in 1990 as the general accounting manager for the contract colleges, having held several positions with progressive responsibility within the finance division, most recently vice president for finance and CFO. In the year and a half since Kenneth Miranda stepped up to lead Cornell's investment office as chief investment officer, the team has reported strong endowment returns, implemented new investment strategies for 2017, and completed phase one of a move to New York City. Cornell University is a private research university that provides an exceptional education for undergraduates and graduate and professional students. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. To accomplish his vision, he will work closely with colleagues in those offices, along with those from Human Resources; Information and Technology Services; and Capital Planning. He has a clear understanding of todays complex and rapidly changing investment environment, said Opatrny. He is a chartered financial analyst. Phone: (646) 962-9476, Pregnant Patients with Anxiety Have Altered Immune Systems, Differences in Animal Biology Can Affect Cancer Drug Development. Edwards to step down. . "Cornell is a wonderful place. I have had the honor to work with a great group of talented and dedicated people, and I've learned a lot during my time here that I will apply to new endeavors in the U.K. Prior to Cornell, Walsh spent 11 years at Hermes Investment Management in London, where he became head of strategy and alternatives, after being the firm's chief economist. 2 0 obj
He is the third CIO to resign in the last six years. 0
A university device must be authorized by a dean or vice president, and must be purchased and serviced under the, Cornell Universitys Board of Trustees delegates significant procurement authority for the acquisition of goods and services from external sources on the universitys behalf. Funds must be invested for a minimum of five years. Puccino will help evaluate the institutions real estate investments, ensuring that Weill Cornell Medicines leases for its administrative offices reflect current and future need. Executive Vice President and Chief Financial Officer | Cornell University Division of Financial Affairs About Us Business Tools Our Policies Contact forms CU policies training KFS Support e-SHOP Executive Vice President and Chief Financial Officer There is currently no content classified with this term. Account Reversion; KFS Payment Processing E-docs (DV, PREQ, PCDO) Cash Deposits at Year-End; Revenue and Expense Year-End Accruals; Deadlines; Business Service Centers. The Office of University Investments implements policies established by the board of trustees and its Investment Committee. Executive Vice President and Chief Financial Officer | Cornell University Division of Financial Affairs Home Business Tools forms CU policies training KFS Support e-SHOP Executive Vice President and Chief Financial Officer There is currently no content classified with this term. Miranda will manage Cornells $6 billion investment portfolio and lead the Office of University Investments, starting July 1. This policy replaces University Policy 3.3, Travel Expenses for Concur Users and travel portions of University Policy 3.2.1,. 7qNa6z)( He will continue to grow Weill Cornell Medicines economic relationship with its clinical partner NewYork-Presbyterian, the bond between them immeasurably stronger amid the COVID-19 pandemic. *Y1M/O[5hi%H
S`nm_,FWs ?=&^Vjz*TNs`a'4 ],*s:S^,L+\cuSF{pr_SyaBsKMbe[x\RXX+dEx-aeI>nXW*TV He will succeed these financial responsibilities from Stephen M. Cohen, executive vice provost for administration and finance, who will retire in September and whose role is being divided into two. A recognized leader in the community development finance industry, Rafael E. Cestero brings more than 30 years of experience in tackling the most pressing housing challenges cities across the nation are facing. Accordingly, he and the university have agreed that it is in their mutual interests to end the relationship. Miranda, who joined the IMF in 1986, held numerous policy roles including deputy division chief for Japan and senior roles in the Asia and Pacific department and the fiscal affairs department. Under Walsh's tenure, Cornell's endowment successfully avoided many of the liquidity problems that affected those of its peers last year. The EVP is the chief . Office of University Investments. The university will accommodate those full- and part-time employees with valid business needs for mobile communication devices by issuing university-owned mobile communication devices. 2021 Reports. Newswise ITHACA, N.Y. - Kenneth Miranda, director of the International Monetary Fund's (IMF) investment office, has been . Note: On occasion, the Office of University Investments or the Office of Trusts, Estates, and Gift. Edwards has spent eight years at the $6 billion endowment, first joining as a senior investment officer. We are fortunate to hire someone of Kens caliber. KP}Gz%Xxk+0
#IR}67|JLA]zetUmJ3ZOHM' OZx /)B66J&_}M$c()1Qw[f4^+XBYm}*PIRD z.Ajx4.r7U'TJBUW|@,,8 ?IT$.d[eS5))b`AD`@[I$Lpk9h The Investment Office's well-established senior leadership team will manage the office in the interim until a new chief investment officer is named. Ykf@xPYfXLZwbdcIYFi9}"wi/s1?|Lm:'rvo(VzXjs*EPK .6wi@Zz20T3C|21_geikG;
0d+G{ U*:4xc6J(X=&~E||EsJ}:l:D6hau(?sRZOF_S^ Chief Executive Officer . March 18, 2011. Woq\:mx$CWz wB(q30Sg`#_l
Of%YeJ{ k `lX}VIIz/R{CmRtb9/|q{jK#^nbSK\eK)1Fzx$s}6#(p$ -Dwt"-c:\Z`$5WYwQp;2*i^,ZfblJw#C:I If you have a disability and are having trouble accessing information on this website or need materials in an alternate format, contactweb-accessibility@cornell.edufor assistance. EVP and CFO Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. %%EOF
Jackie Wandell serves as the Executive Assistant to the Vice President and Chief Risk Officer, Aditya Misra. Chief Investment Officer A.J. Walsh reports jointly to President David Skorton and Board of Trustees Investment Committee Chair Paul Gould, who said, "James has managed our endowment office professionally during a very difficult economic period, and we have appreciated his leadership. James Walsh, chief investment officer in Cornell's Investment Office, has announced he will be leaving the university to return to England at the end of this academic year. The positive projections for the performance of Cornell's endowment and other investments, which are exceeding expectations, will not be affected. Miranda succeeds A.J. The minimum investment amount for an FFE is $100,000. "After three-and-a-half interesting and enjoyable years at Cornell and in Ithaca, my family and I have decided to return home to the United Kingdom," said Walsh. March 2021 Quarterly Report. Vice President for University Communications Tommy Bruce issued the following statement May 2: Michael Abbott stepped down from his position as chief investment officer at Cornell University May 1. This policy is being revised and is unavailable at this time. 474 0 obj
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WS;!cST}j7y17# It is the responsibility of each operating unit to use, account for, and report such program income properly. All inquiries and materials will be held in confidence. Yale CIO sees 'challenging times ahead' due to rising interest rates, inflation, and geopolitics. =^"-g$#B#\#=K&&_4I|w|\SqR:rKWayH!oyC*YS$ww`%Z.Ds*D As IMF director, Miranda coordinated a focused team that oversaw the investment of approximately $11.5 billion in assets for the IMFs Staff Retirement Plan and Retired Staff Benefits Investment Account. %
Get Cornell news delivered right to your inbox. The campaign, launched in June 2021, will enable Weill Cornell Medicine to invest in all three parts of its mission, which includes a precision health enterprise, updated biomedical research space and a new student residence. bR{5C=q]Vl !2Ul
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~O)ovQ3 I look forward to my continued work with them as we prepare Weill Cornell Medicine for what comes next, he added. This authority is ultimately delegated to designated purchasing agents and contracting officers. He also lauded colleagues Assistant Vice Provost for Operations and Support Services Patrick Gallagher; Chief Information Officer Dr. Curtis Cole; Assistant Vice Provost for Capital Planning Dmitri Konon; and Managing Director of Business Systems and Operations Adam Garriga. In addition, device holders are required to, Executive Vice President and Chief Financial Officer, Personal and Private Activity Using University Property and Facilities, Accepting Credit Cards to Conduct University Business, Charging Directly to Sponsored Projects Costs that are Normally Considered Indirect, Advances (Including Petty Cash and Accounts Receivable), Safekeeping of Financial Assets, Including Cash, Checks, and Securities, Establishing and Maintaining Accounts at Banks and Financial Institutions, Formulation and Issuance of University Policies, Responsible Use of Video Surveillance Systems, Management of Keys and Other Access Control Systems. Choi, the Stephen and Suzanne Weiss Dean of Weill Cornell Medicine. We have a great team, he said. Chief Investment Officer. The university recognizes the need for personal telephone use, but expects individuals to pay directly for personal long-distance telephone calls. If you have a disability and are having trouble accessing information on this website or need materials in an alternate format, contactweb-accessibility@cornell.edufor assistance. Cornell University requires salary confirmation for individuals paid with sponsored funds, federal appropriations, or committed cost sharing. Miranda will manage Cornell's $6 billion investment portfolio and lead the Office of University Investments, starting July 1. <>/Metadata 1599 0 R/ViewerPreferences 1600 0 R>>
Academic and administrative units are, Cornell University organizes, coordinates, and directs available resources toward an effective response to, and recovery from, any emergency. Weill Cornell Medicine is conducting a national search for the second administrative position: executive vice provost and chief operating officer. He was then named CIO in May 2012. Puccino was also instrumental in conceptualizing and implementing the institutions expanded scholarship program that provides debt-free education to medical students in financial need. 505 0 obj
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As the most senior non-academic officer for the university, the EVP is the chief financial and administrative officer responsible for directing the financial and administrative services in support of the academic mission. This policy establishes these circumstances and the procedures for making such advances. Accordingly . Cornell Universitys central administration establishes all university accounts with banks and other financial institutions using university funds. Its been an absolute blessing to work for Steve Cohen; hes been an outstanding leader and an incredible mentor to me.. I am looking forward to collaborating with the solid staff in the Office of University Investments who have a valuable, proven skill set, Miranda said. 1300 York AvenueBox 314 endobj
Im thrilled hes joining my senior leadership team and look forward to continuing to work closely with him as we realize our vision for Weill Cornell Medicines long-term growth and success., Im honored to serve Weill Cornell Medicine as its chief financial officer, Puccino said. It is an honor and privilege to contribute to the role of the endowment in supporting students, faculty research and scholarship at this world-class research institution., Many of his family members have worked in academia, he added. Here are the highlights: Endowment growth Nationally, she is a member of the National Association of College and University Business Officers (NACUBO), and has held board of director positions with the Kuali Foundation and the Council on Governmental Relations (COGR). He will seek to increase Weill Cornell Medicines clinical footprint throughout New York City, invest in the institutions biomedical research activities with the goal of increasing sponsored research opportunities, and oversee the financial planning for a new student residence. Efforts are underway to identify opportunities for future clinical growth, which will have important implications for the institution as a whole: Clinical revenue is the economic engine of Weill Cornell Medicine and provides the financial oxygen for its esteemed research and education programs, he said. Edwards, who stepped down from the post March 31. Cornell University recharge entities recover some or all of the cost of their products and services through user fees, subject to the requirements outlined in this document. Aditya Misra. Karl Perman Joins GigNet, Inc. as Chief Security Officer (Photo: Business Wire) Mr. Perman has served critical infrastructure sectors as a senior advisor to assess and transform security and . Cornell University Office of Investments About the Investment Office The Investment Office is responsible for implementing policies established by the University Board of Trustees and its Investment Committee. Scott is an outstanding tactician whose deep reservoir of financial and institutional knowledge will be instrumental to preserving Weill Cornell Medicines fiscal integrity, stability and resilience, said Dr. Augustine M.K. Ithaca, NY 14850, Cornell University requires all operating units to develop their own unit-specific financial internal control plans using guidelines provided by the Office of the University Controller. Cornell University expects its units to maintain accurate and complete inventories of their space, through the procedures contained herein. Cornell University invites applications and nominations for the position of Executive Vice President (EVP) and Chief Financial Officer (CFO). Edwards will assume Abbott's responsibilities on an interim basis until the university has identified a suitable replacement. "After three-and-a-half interesting and enjoyable years at Cornell and in Ithaca, my family and I have decided to return home to the United Kingdom," said Walsh. 4 0 obj
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She has over 20 years of administrative experience. The review process will begin immediately upon receipt of materials. So far in fiscal year 2010, Cornell's endowment performance is up 10 percent, after losing more than a quarter of its value in fiscal year 2009, as was the case with many of the university's peers in the wake of the 2008 financial crisis. Comments, questions, nominations, and applications should be directed to the Search Advisory Committee at evpcfosearch@cornell.edu. Tag: Cornell University. Visionary leadership from our dean and from the Board of Fellows have led us to this moment, and will be critical to us reaching the next level., Weill Cornell MedicineOffice of External Affairs The University Board of Trustees is responsible for strategic management of all investable funds, and implements policy through the Investment Committee of the Board. endobj
A national search firm will lead that effort, and Mary Opperman, vice president for human resources, will coordinate the search and the transition for the university. Policy Number: 3.24. Joanne DeStefano is the Executive Vice President (EVP) and Chief Financial Officer (CFO) for Cornell University. Locally, Ms. DeStefano serves as a member on the Cayuga Medical Center (CMC) board of directors and executive committees and previously served as the chair of CMCs patient and quality safety committee and as the chair for the Cornell 2008 United Way campaign.
Currently, senior investment officers Cody Danks Burke and Roger Vincent are serving as interim co-CIOs. Miranda will report to trustee Donald Opatrny 74, chair of the Investment Committee, and Joanne DeStefano, Cornells executive vice president and chief financial officer. These stewards of, Cornell University formally approves, issues, and maintains in a consistent format, official university policies in a central policy library. December 2021 Quarterly Report. Cornell University will form a university-related subsidiary or affiliate, or acquire a controlling interest in a separate entity, only if there is compelling legal and/or business justification. He currently serves as a member of the Food and Agriculture Organizations advisory committee on investments. rPgyL:tFP/Hh>.rWE"h?`EJp7f`q;:8$qxP3Sg\.VgDw`;P. He will also work closely with Joanne DeStefano, chief financial officer of Cornell University. Community Preservation Corporation . CU Foundation Funds The Investment Office is responsible for implementing policies establishedby the University Board of Trustees and its Investment Committee. <>
Presidential Advisor for Diversity and Equity, Ann S. Bowers College of Computing and Information Science, Samuel Curtis Johnson Graduate School of Management, Peter and Stephanie Nolan School of Hotel Administration, College of Architecture, Art, and Planning, Charles H. Dyson School of Applied Economics and Management, Weill Cornell Graduate School of Medical Sciences. Cornell University allows the use of approved video surveillance systems through a transparent process, subject to rules governing equipment installation and employment, and use of the resulting recorded material. East Hill Office Building 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. In terms of approach, I tend to look at big changes, big themes, to identify market inefficiencies, growth bottlenecks and forced selling pressure that tend to generate the environment for outsized returns, he said. Cornell University 's chief investment officer was paid almost $1.9 million in 2018 as he spearheaded efforts to turn around the underperforming endowment. hbbd```b``SA$S:X$L`x& f`!dVSf7@fU#d$;>f`bd`b``$ >
Ms. DeStefano is a 1978 graduate of Syracuse University with a bachelor of science in accounting, and a 1997 recipient of a master of business administration in finance from the Curtis Johnson Graduate School of Management at Cornell University. A.J. Contacts . In managing these funds, he made investments across a broad array of asset classes, themes, strategies and managers. This includes understanding workload and cost implications of the cost-sharing commitment; determining when cost sharing is necessary and appropriate; and accurately recording and reporting. The Executive Vice President and Chief Financial Officer ("EVP" or "EVP/CFO"), reporting to the President, is the most senior non-academic officer for the university. Interim Provost for Medical Affairs; Interim Dean of Weill Cornell Medicine, Deputy Provost and Presidential Advisor for Diversity and Equity, Chair, Vice President for Facilities and Campus Services, Vice President and Chief Global Information Officer, Chief of Staff and Special Counsel to the President, Executive Vice President and Chief Financial Officer, Vice President for Student and Campus Life, Vice President and Chief Human Resources Officer, Vice President for Alumni Affairs and Development, Vice President for Research and Innovation, Joseph Silbert Dean of the College of Engineering, Dean of the Ann S. Bowers College of Computing and Information Science, Dean of the Jeb E. Brooks School of Public Policy, Dean of the Graduate School and Vice Provost for Graduate Education, Kenneth F. Kahn Dean of the School of Industrial and Labor Relations, Rebecca Q. and James C. Morgan Dean of the College of Human Ecology, Ronald P. Lynch Dean of the College of Agriculture and Life Sciences, Harold Tanner Dean of the College of Arts and Sciences and Hans A. Bethe Professor, Charles Field Knight Dean of the Cornell SC Johnson College of Business, Dean of the School of Continuing Education, Jack and Rilla Neafsey Dean and Vice Provost of Cornell Tech, Anne and Elmer Lindseth Dean of the Samuel Curtis Johnson Graduate School of Management, Dean of the Peter and Stephanie Nolan School of Hotel Administration and E. M. Statler Professor of Hotel Administration, Austin O. Hooey Dean of the College of Veterinary Medicine, Gale and Ira Drukier Dean of the College of Architecture, Art, and Planning, Dean of the Charles H. Dyson School of Applied Economics and Management, Vice Provost for Engagement and Land-Grant Affairs, Dean, Weill Cornell Medical College-Qatar, Dean, Weill Cornell Graduate School of Medical Sciences, Executive Vice Provost, Administration and Finance, Associate Vice President, Deputy General Counsel, and Secretary of the Medical College, President and CEO, Physician Organization, Senior Associate Dean, Innovation and Initiatives, Senior Associate Dean, International Affairs and Affiliations. Vice . September 2021 Quarterly Report. We are immensely proud to have Ken leading our investment team. Report this profile Report Report. The president is elected by the Board of Trustees and, once elected, sits as an ex officio member of the board and of all its standing committees except the Audit Committee. Kenneth Miranda, director of the International Monetary Funds (IMF) investment office, has been selected as Cornells chief investment officer, Provost and Acting President Michael Kotlikoff announced today. <>
The Executive Vice President and Chief Financial Officer ("EVP" or "EVP/CFO"), reporting to the President, is the most senior non-academic officer for the university. Ive also been fortunate to work alongside a number of really talented people at Weill Cornell Medicine, whose unwavering support have made this role possible. He highlighted the expertise of Director of Budget and Institutional Resources Andrew Rosenau; Senior Director of Institutional Reporting and Analytics Susan Vuong; Senior Director of Administration Thomas Blair; Controller Joseph Schwartz and his longtime assistant Nadeige Fortune. Policy Number: 4.11. 20-Apr-2016 10:05 AM EDT , by Cornell University. Scott Puccino, a distinguished financial and business strategist who has dedicated three decades of his career to Weill Cornell Medicine, has been appointed the institutions chief financial officer, effective Feb 1. Mr. Girish V. Reddy (Chair): Mr. Donald C. Opatrny: Mr. J. Allen Smith (Vice-Chair): President Martha E. Pollack Cornell University: Mr. Douglas Braunstein Hudson .