Dr. Lynda Stuart has officially left her position as the first CEO of the Fund for Science and Technology, with her final day being May 8. The foundation, which is based in Seattle and oversees a portfolio of $3.1 billion, was established to allocate significant funds from the late Paul Allen's estate.
Stuart's resignation comes just nine months after the foundation's public launch in August, during which it committed to invest at least $500 million over four years in areas like bioscience, environmental efforts, and beneficial AI. In its early efforts, the foundation has already disbursed over $30 million in grants to various institutions, including the Fred Hutchinson Cancer Center and Seattle Children’s.
In the interim, leadership duties will be handled by Chief Financial and Operations Officer Liz Carey and Chief Programs Officer Marc Malandro, as the board initiates a search for a new CEO. This transition is occurring amidst notable changes within the Allen philanthropic landscape, including a shift in focus toward applied AI and the introduction of a proposal-based funding model.
Additionally, Paul Allen's estate, led by his sister Jody Allen, is actively selling his professional sports teams, with the Portland Trail Blazers sale approved for $4.25 billion and the Seattle Seahawks projected to fetch over $9 billion. Proceeds from these sales are intended for philanthropic endeavors, with the Fund for Science and Technology expected to manage a significant portion of these funds.