By Shelby Brown —
Foundation audit committee chair Earl Reed was elected as the new U of L Foundation chairman Jan. 31. Reed has served on the foundation for one year and replaces former foundation chair Diane Medley, whose term expired Jan. 13.
Until now, U of L’s agreement with the foundation has required the chair to be a trustee. Board chair David Grissom drafted a one-time waiver allowing Reed, a non-trustee, to take the position.
“I am excited about where the foundation stands today. We have instituted reforms necessary to restore donor and stakeholder confidence. These reforms happened because of Chairwoman Medley’s leadership of a dedicated, skillful board of directors that put its heart and soul into reforming the foundation,” Reed said in a press release.
Medley was elected foundation chair in January 2017 and served on the foundation as a trustee member.
“It was an honor to chair the foundation and help restore an organization that is vital to fulfilling the university’s academic mission,” Medley said.
Medley announced she would not seek reappointment at the board of trustees’ Jan. 18 meeting. Medley said she is confident in Reed’s capability and that he has the board’s support.
“Earl has worked tirelessly and has been instrumental in achieving the reforms that we have implemented, both as chair of the real estate foundation and as chair of the foundation’s special committee. I believe we are now entering a new period of cooperation between the University of Louisville Board of Trustees and the University of Louisville Foundation Board, and I look forward to a time of optimism and vision for this organization,” Medley said.
Reed said Medley will be missed and thanked the board volunteers and staff for their hard work.
Medley and Keith Sherman, interim executive director, agreed Reed was “integral to the foundation’s turnaround.”
“We have a clean slate and a bright future thanks in part to Earl’s work and leadership on the foundation board. We look forward to Earl’s leadership taking us to new levels of success in 2018 and beyond,” Sherman said.
Reed graduated from U of L’s College of Business in 1973 and played on the university’s golf team. In 2016, he was inducted into the U of L Entrepreneurship Circle of Fame. Reed is the co-founder and CEO of the consulting firm Allegro Group.
Updated 1/31/18, 5:13 p.m.