The W.K. Kellogg Foundation promoted an employee with a focus on equity to oversee its investment strategy.
Battle Creek-based W.K. Kellogg Foundation (WKKF) said last week that it selected Carlos Rangel, who most recently was director of investments for the foundation, as vice president and chief investment officer, which was effective Monday.
The move comes after a national search to fill the role formerly held by Joel Wittenberg, who retired in January after 11 years as VP and CIO.
In his new role, Rangel will serve as a member of the executive council, reporting to La June Montgomery Tabron, WKKF president and CEO.
He will be responsible for the management and oversight of the foundation’s endowment and its trust investments, strategically investing the diversified portfolio to maintain its purchasing power in support of WKKF’s mission over the long term. In addition, he will provide leadership for team execution and quality performance against allocation targets and shape the development of research and analysis toward fact-based improvements to short- and long-term asset allocations.
WKKF said Rangel — who has more than 20 years of career experience and an enduring commitment to racial equity — has a “crystal-clear vision” of the foundation’s investment strategies, as well as proficiency in international investments and asset management.
Rangel most recently led the Expanding Equity work as director of investments for WKKF since 2017, after joining the foundation in 2010 as a portfolio manager.
“Carlos made a personal commitment many years ago to spend his career putting the financial markets to work for the benefit of society and understands that every dollar the foundation earns on our investments improves conditions for children,” Tabron said. “He also has been a leader for WKKF toward broadening the adoption of racial equity within the financial sector and business community while generating more dollars for grants. We are delighted to have someone with so much insight and expertise in this role.”
Prior to joining WKKF, Rangel worked for Managed Assets Portfolios, a boutique, SEC-registered global value investor serving individuals and institutions. As a buy-side generalist analyst, he focused mainly on small and midcap technology stocks and was responsible for idea generation, primary research and financial analysis for each of the companies recommended.
Fluent in Spanish, Rangel is a board member, endowment committee member and chair of the operating committee for Family & Children Services.
He earned bachelor’s and master’s degrees in finance from the University of Michigan-Dearborn and holds chartered financial analyst, financial risk manager, chartered analyst of alternative investments and certificate in investment performance measurement designations.
Founded in 1930 as an independent, private foundation by breakfast cereal innovator and entrepreneur Will Keith Kellogg, WKKF is among the largest philanthropic foundations in the U.S.
Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life.