Managing Director of William Penn Foundation Resigns, New Role for Replacement

The William Penn Foundation announced earlier this week that Managing Director Peter Degnan had tendered his resignation, effective August 31, after just six months in the position. The current Philanthropy Officer, Laura Sparks, will be his replacement.

Sparks’ title will be executive director, rather than managing director, reflecting a change in the role of the executive position. While Degnan dealt primarily with managing the foundation’s operations, Sparks will have a larger hand in grantmaking activity.

William Penn implemented a new leadership structure last year in which a managing director works with three specialized, subordinate positions, including chief investment officer, chief philanthropy officer, and director of finance & administration.

Degnan, formerly the vice dean of finance and administration at the Wharton School, was the first managing director hired with this structure in place.

David Haas, chairman of William Penn’s board of directors, said at the time that the change was made “to better equip the foundation for a complex range of organizational functions, such as investment, strategic grant-making, knowledge-building, and community engagement.”

In effect, this structure decentralized the power wielded by past executives such as the controversial former president of William Penn, Jeremy Nowak.

Now it seems that at least some grantmaking responsibilities will go back to the executive position. Sparks will continue the work she did as Philanthropy Officer while also taking on Degnan’s current administrative responsibilities.

“She has been invaluable to the Foundation’s grantmaking process, providing innovative thinking, unique expertise, and steadfast commitment to the community. We are confident in her ability to provide an even greater degree of leadership to the Foundation in her new role,” said Haas in a press release.

Sparks joined William Penn in 2012 as the foundation’s Chief Philanthropy Officer and has since aided in the development of a new strategic plan, which determined the foundation’s current grantmaking priorities. Prior to that, she worked on community development initiatives across the country for Citi.