Exclusive: Kauffman Foundation loses chief investment officer

August 7, 2012, 8:02 PM UTC

FORTUNE — Harold Bradley has stepped down as chief investment officer of the $1.8 billion Ewing Marion Kauffman Foundation, Fortune has learned.

The Kansas City-based organization is terming Bradley’s departure a “retirement,” although sources close to the situation say Bradley’s resignation came as a surprise late last week. No replacement has been named, although managing director Mary McLean will take over day-to-day investment operations for now.

“It was my dream to be a leader in the Foundation started by Ewing Kauffman in my hometown,” Bradley said in a prepared statement. “But after 32 years in the financial services industry, I feel it’s time to take a rest. One of my goals before retiring was to publish the paper about the Foundation’s experience in venture capital investing. After two years of preparation, we successfully published that report, and it’s now the right time to step away and have some fun.”

Benno Schmidt, the Kauffman Foundation’s interim president and CEO, said: Harold has done an admirable job leading the Foundation’s investment staff. He has been an innovative thinker and an important contributor to the dialogue about good investment practices. We wish him the very best success in his future endeavors.”

Bradley joined Kauffman in 2007, after having spent 19 years with Kansas City mutual fund manager 19 years with American Century Investments. Most recently, he made news for co-authoring a report that argued the venture capital model was broken.

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