CLEVELAND (AP) - A former U.S. diplomat and corporate executive has been selected president of the Cleveland Foundation, which grants about $80 million yearly to nonprofit agencies.
Ronn Richard, 47, of Potomac, Md., replaces Steve Minter, 64, who is retiring June 30 after 28 years at the foundation. Richard plans to spend the second half of June working with Minter, learning more about the nation's oldest community foundation.
The foundation has grown to $1.4 billion in assets since it was formed in 1914 by Cleveland banker and attorney Fredrick Harris Goff. Back then, banks handled charitable funds. Goff's idea was to establish permanent funds and distribute the investment income as grants for the betterment of the community.
Richard will get a starting annual salary of $300,000, roughly $100,000 less than his pay at In-Q-Tel, a nonprofit venture capital fund set up by the Central Intelligence Agency to accelerate the development of new technology and make it available to the government.
Richard, who earned his master's degree in international relations from Johns Hopkins University in Baltimore, spent five years as a diplomat. He served in Japan and as a desk officer in Washington for North Korean, Greek, and Turkish affairs.
He worked for Panasonic on a committee that established DVD industry standards. He helped negotiate Panasonic's purchase of a company that developed flat-screen television technology and was Panasonic's director of corporate philanthropy.