Ford Foundation President Darren Walker is stepping down from his role at the philanthropic organization, which maintains an endowment of nearly $17 billion. Walker will turn 65 next month.
He plans to step down at the end of 2025 after what will be a 12-year tenure as president, according to The New York Times. The Ford Foundation was founded in 1936 by Edsel Ford and his father, Henry Ford. Today it works to “address inequality and build a future grounded in justice,” through its mission to “strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement.”
The Ford Foundation’s assets grew to $16.8 billion at the end of last year from $11.1 billion just before Walker became president in 2013. The Times reported that under Walker, Ford increased its grants to organizations in communities of color to $206 million from $111 million in 2014, and grants to help women and girls increased to $124 million from $88 million during the same period.
Before joining the Ford Foundation, Walker was a vice president of the Rockefeller Foundation. His role at the Ford Foundation has earned him a reported annual compensation package of $1.4 million.