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Theresa M. Stone, a member of the MIT Corporation since 1996 and the current chair of the MIT Investment Management Company, will serve as MIT's next executive vice president and treasurer, President Susan Hockfield announced today. Stone will assume her new role in February 2007.
Hockfield announced Stone's appointment in a letter e-mailed to the MIT community today. In her comments, Hockfield emphasized Stone's professional successes in investment banking and corporate management in the insurance and media industries, along with her ongoing engagement with MIT and its mission.
"Deeply knowledgeable about our academic enterprise," Stone brings to her new role a "unique combination of qualifications as both an executive and as a member of the Institute community," Hockfield noted.
Stone, who received the master's degree in management from MIT Sloan in 1976, said, "I am devoted to MIT and both honored and thrilled to have this opportunity to serve."
Since 1994, Stone's MIT service has included membership on the Executive and Development Committees of the Corporation. She chairs the Visiting Committee for the Humanities and serves on the MIT Sloan Dean's Advisory Council and the Visiting Committee for Music and Theater Arts.
Stone joined Morgan Stanley directly after graduation from MIT Sloan. In 1990, she moved into corporate management in the insurance industry, serving from 1990 to 1994 as vice president for strategy at the Chubb Corporation. From 1994 to 1997, she served as executive vice president (EVP) of Chubb and president and CEO of Chubb Life Insurance Company.
Following the acquisition of Chubb Life by North Carolina-based financial services firm Jefferson-Pilot Corporation in 1997, Stone became president of that company's radio, television and sports broadcasting business. In 2001, she was also named EVP and chief financial officer of Jefferson-Pilot. In that role, she helped lead the merger of Jefferson-Pilot with Lincoln Financial Group earlier this year. Stone retired from Jefferson-Pilot in May.
Stone currently serves on the boards of a number of institutions and businesses. She is deputy chair of the Federal Reserve Bank of Richmond. She and her husband, Rick, live with their son in Greensboro, N.C.
Stone received the B.A. degree from Wellesley College in 1966 and studied Romance languages at Cornell University before entering MIT Sloan.
In her letter, Hockfield offered "great thanks" to Sherwin Greenblatt, whose service as EVP since August 2005 allowed MIT to engage in "a rigorous search process" for a permanent successor while he "expertly managed our administrative and financial operations." She also thanked the search advisory committee of faculty and staff.