CEO Paul Allen’s $3.1B science and technology fund drops less than a year after launch
The first CEO of the Science and Technology Fund, the $3.1 billion foundation responsible for giving away most of the late Microsoft founder Paul Allen’s fortune, has stepped down nine months after it went public.
Dr. Lynda Stuart, a physician and scientist who once led the Institute for Protein Design at the University of Washington, announced her departure Thursday, saying the foundation will have “different leadership” for its next phase. No reason was given for the change.
The Seattle-based foundation went public in August with a mandate to spend at least $500 million over four years on bioscience, the environment, and AI for the better.
It has awarded at least $30 million in grants to institutions including the Fred Hutchinson Cancer Center, Seattle Children’s, the Benaroya Research Institute, and Scripps Oceanography.
Stuart’s last day was May 8, according to a spokeswoman for the Allen Estate, who said Stuart had decided to step down. Chief Financial and Operating Officer Liz Carey and Chief Operating Officer Marc Malandro will lead the organization for the time being, while the board begins a search for a future CEO.
The change follows broader changes in the Allen philanthropic ecosystem. Earlier this year, a fundamental shift in the use of AI and a new proposal-based funding process for the Allen Institute for AI contributed to the departure of several top researchers — including former Ai2 CEO Ali Farhadi, who joined Microsoft with at least nine other colleagues.
It also comes at an important time for the Allen estate, led by Paul Allen’s sister, Jody Allen, as the estate works to sell its sports franchises.
- The sale of the Portland Trail Blazers was approved by the NBA’s Board of Governors in March, in a two-part deal worth $4.25 billion.
- The Seattle Seahawks entered the market in February, a few weeks after winning the Super Bowl, and are expected to sell for more than $9 billion, according to ESPN.
Allen has mandated that all proceeds from the sale of his sports teams and other merchandise will go to charity, and FFST is expected to oversee a large portion of that money.
Jody Allen is the FFST board chair. The board includes Allan Jones, president of the Allen Institute; Tom Daniel, UW professor emeritus; and Nancy Peretsman, managing director at investment bank Allen & Company.
Former Microsoft CEO Steve Ballmer, who was on the board when FFST was launched in August, is no longer listed as a member. Ballmer, who served on the board since its formation in 2022, ended his tenure in March, a spokeswoman for the Allen estate said.
In his LinkedIn post, Stuart referred to the challenging nature of science funding, saying that FFST’s initial investment “gave hope where scientists didn’t have it” and “sustained important programs that would otherwise have been dismantled.” He said the foundation will remain based in Seattle, continuing to contribute to Allen’s legacy.
Stuart, reached by direct message, referred to his post and directed further questions to the foundation. As for what’s next for him, he wrote in his public post: “Science is a global business, and as a global citizen, who knows what that might be?”
