The gift is seen as a vote of confidence in the New York City-based anti-poverty organization's new CEO, Wes Moore, a Rhodes Scholar, former U.S. Army captain, and one-time investment banker at Citigroup. Moore was tapped last week to succeed David Saltzman, who led the organization for twenty-seven years and helped raise $2.5 billion during his tenure as CEO.
"CEO transitions can be incredibly difficult," said Chris Addy, a partner at the Bridgespan Group, a philanthropy consultancy. "A gift like this enables Mr. Moore and the Robin Hood Foundation to thrive in those earliest days. It's a huge vote of confidence in CEO approval to kick-start this new era."