Danny Truell, chief investment officer and managing partner at the Wellcome Trust, has stepped down from his role for health reasons, the charity has said.
Since 2005 Truell has overseen Wellcome’s portfolio of investments, which has grown from £12.3bn at that point, to £20.9bn today. During his tenure the trust has more than doubled its annual charitable spend.
He is believed to be the highest paid individual in the charity sector, with a salary of £3.05m in the year to September 2016.
The charity said that he will be replaced by Nick Moakes and Peter Pereira Gray, who are already managing partners in the charity’s investment division.
Moakes will be chief investment officer, while Pereira Gray will be chief executive officer, investments.
Truell will continue to be involved as an emeritus partner.
Jeremy Farrar, director of the Wellcome Trust, said: “Danny Truell is one of the most remarkable people to have served the Wellcome Trust. His contributions have been pivotal to making Wellcome what it is today.
His exceptional leadership and judgement, and the world-class team he has built around him, have transformed Wellcome’s ability to deliver our mission of improving health through science, innovation and engagement with society.
Truell said: “It has been a privilege to lead Wellcome’s investment division over a period of extraordinary change and opportunity in investment markets, and to have delivered returns that have allowed Wellcome to more than double our charitable spending.
“I am proud to be appointed emeritus partner of a world-class investment team that supports an organisation that does so much good for health and science. I am delighted that Peter and Nick will continue to lead the team; nobody is better placed to preserve the unique culture that we have created together over the past decade.”