Raymond Smoot stepping down as CEO of Virginia Tech Foundation next year
- October 24, 2011
Raymond D. Smoot Jr. will retire from full-time leadership of the Virginia Tech Foundation in July 2012, the school said Monday. Smoot, a 1969 Virginia Tech graduate and the foundation’s first full-time executive, has worked with the foundation for nearly four decades.
John Dooley, vice president for outreach and international affairs, will become the foundation’s COO on April 1, 2012 and CEO upon Smoot’s retirement in July.
“Ray has proved to be a valuable leader, administrator, and business executive in many roles across his four-decade association with the university and its foundation. He has been at the center of many university successes,” Virginia Tech President Charles W. Steger said in a statement.
Smoot’s tenure began in a part-time capacity in 1977. Back then, the foundation’s annual revenues were $3.5 million, its endowment stood at $4 million and assets totaled $11 million. Today annual revenues exceed $160 million, the endowment recently topped $600 million and total assets are more than $1.1 billion.
During Smoot’s tenure, he oversaw many major projects, including the Hotel Roanoke and conference center that Tech did in partnership with the city of Roanoke, the creation of the Virginia Tech Corporate Research Center in Blacksburg and Tech’s research center in Arlington and the Turner Street development in Blacksburg currently under construction.
After stepping down, Smoot will remain for two years on a part-time, non-management basis to assist the university and foundation. “Ever since coming to Virginia Tech in 1965 … it has been my good fortune to actively engage alumni, faculty, and administration in advancing Virginia Tech in ways not even imagined years ago. I have been able to work with some incredibly talented people, both within and outside the university, in this stimulating endeavor and believe the future is bright for our university,” said Smoot.
Dooley has worked at Virginia Tech since 1982 and rose through the ranks to hold several leadership positions before becoming vice president for outreach and international affairs in 2003.