Toronto Foundation announces resignation of President & CEO, Rahul K. Bhardwaj

TORONTO, March 31, 2016 /CNW/ - The board of directors of Toronto Foundation announces today the resignation of Rahul K. Bhardwaj as President & CEO effective June 17, 2016. Mr. Bhardwaj has accepted the position of President & CEO of the Institute of Corporate Directors, beginning July 4, 2016.

"Rahul leaves large shoes to fill," says John Barford, Chair, Board of Directors of Toronto Foundation. "We will miss him but wish him well in his new role."

A search committee has been formed and has engaged executive recruitment firm Odgers Berndtson. In the meantime, Mr. Bhardwaj will remain as President & CEO until June 17 to ensure a smooth transition.

Bhardwaj joined the Foundation in 2007 and under his nine-year leadership the Foundation has grown immensely in scope and reputation. Most notably:

• The Foundation's assets under administration have more than doubled, now standing at over $400 million
• Toronto's Vital Signs, our annual consolidated snapshot of the quality of life in our city, has now been replicated in more than 75 communities around the world
• And $77 million has been granted to charitable organizations in Toronto and across Canada.

"I am so proud of all that we have accomplished over the past nine years together," says Bhardwaj. "We have an incredible board in place and a stellar executive team and staff in the office. My successor will be joining a top team and an important city-building institution in Toronto."

About Rahul Bhardwaj

In his role as the President & CEO of the Toronto Foundation, Rahul has been working to engage philanthropy to improve the quality of life in Toronto. Formerly a corporate lawyer with a leading Canadian law firm, he was also Vice President of the Toronto 2008 Olympic Bid. Rahul was Chair of the 2012 Ontario Summer Games, the first multi-sport games to be held in Toronto, and was Co-Chair of TO2015 IGNITE, a program of the Toronto 2015 Pan Am/Parapan Am Games. He is the past Chair of Community Foundations of Canada and is a current member of the Board of the Rideau Hall Foundation as well as Metrolinx. He has served as a Director on many cultural and civic boards in Toronto and beyond. He was awarded the Queen Elizabeth II Diamond Jubilee Medal and Toronto Life recognized him as one of "The Most Influential" people in Toronto. He was recently named to the Leader Council at the Leadership Institute of the Ivey Business School, the Quadrangle Society at Massey College and The Ultimate List of Social CEOs on Twitter.

About Toronto Foundation

Established in 1981, the Toronto Foundation is one of 191 Community Foundations in Canada. We are a leading independent charitable foundation that connects philanthropy to community needs and opportunities. Our individual and family Fundholders support causes they care about in Toronto and across Canada, through grants to any registered charity. We currently have more than 500 active Funds, including endowments and assets under administration of more than $400 million. A growing number of Torontonians support the Vital Toronto Fund, our community endowment that helps mobilize people and resources to tackle community challenges in innovative and inspiring ways. To find out more, please visit www.torontofoundation.ca

SOURCE Toronto Foundation

For further information: Julia Howell, Communications Counsel, [email protected]; [phone]