John F. Powers MBA ’83, president and chief executive officer of the Stanford Management Company (SMC), announced plans to step down in 2015.

The SMC, founded in 1991, oversees more than $25 billion of the University’s financial and real estate assets. The income generated by SMC goes toward University research and teaching.

“It is a privilege and honor to support this great university and its missions of teaching, research and service,” Powers told the Stanford News Service. “I have decided that it is time to take my enthusiasm for business-building and find a new challenge.”

After Powers was appointed CEO in June 2006, the University’s endowment grew from $12 billion to $21.4 billion by Aug. 31, 2014.

University President John Hennessy also mentioned Powers’ direction of SMC during the financial crisis of 2008-09. Since the crisis, the merged investment pool under SMC’s management has compounded at 13.1 percent annually.

Hennessy will launch a search for Powers’ successor, and Powers will remain CEO until someone has been appointed to take his place.

Contact Madeleine Han at mhan95 ‘at’ stanford.edu.