Cleveland businessman Richard A. Barone has been elected Chairman of the Cleveland State University Foundation. Prior to assuming this post, he served as both Vice Chairman and Investment Manager for the CSU Endowment Fund. Additionally, Barone will serve as a community member of the University’s Board of Trustees.
“Mr. Barone’s election is another important step toward building CSU into the pre-eminent University in the region and beyond,” said CSU President Michael Schwartz. “His leadership brings many years of success in the Cleveland business community to bear on the growing financial requirements of our campus, from the new construction projects in the works or about to start, to the scholarship needs of our student body.”
Barone is currently Chairman of the Ancora Group of Companies located in Beachwood, Ohio. Prior to establishing Ancora, he was the founder and CEO of Maxus Investment Group, one of the largest independent investment managers in the Midwest, which was sold to Fifth Third Bank in 2001.
Barone graduated from Georgetown University in 1964 and completed graduate studies in 1966. He entered the investment business, becoming a partner of J.N. Russell in 1968. In 1973, he established Maxus and grew that business into nearly $2 billion of assets under management. Over the years, along with his partners, he has held major ownership positions in Midwest Research (now part of First Tennessee), Halle’s Department Stores, the Cleveland Cavaliers, Rockefeller Center Properties in New York, Park Ohio and McDonald Company. Currently, he holds large ownership positions in Mace Security International and Park View Federal.
Barone has been a frequent commentator on CNBC, a founding member of the Closed-End Fund Institute, and has served and continues to serve on the boards of a number of public and private companies as well as several charitable organizations. Over the years, his investment theories and insights have been followed regularly in such publications as the Wall Street Journal, Fortune, Forbes and the Institutional Investor.
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The Cleveland State University Foundation, Inc. is a private, nonprofit corporation created in 1969 to serve as an independent, tax-exempt organization to solicit, receive and distribute gifts to the university in accordance with the wishes of the donors. There is extensive coordination of efforts between the Foundation and the CSU Office of University Advancement on fund raising. The two groups work cooperatively on the University's initiatives to raise endowment and current-use funds.
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