Boston – The Boston Foundation today announced that President and CEO Lee Pelton has informed the Board of Directors of his intention to conclude his tenure this year. Pelton will remain fully engaged as President and CEO though August 31^st while the Board leads a search process for the Foundation’s next leader. 

“Serving as President and CEO of the Boston Foundation has been one of the great privileges of my life,” said Pelton. “I came to TBF because I believed this institution could help translate moral urgency into civic action. I continue to believe that deeply. I am proud of what we have built together, proud of the resources we are mobilizing for Greater Boston, and I am committed to supporting a strong transition that allows the Foundation’s work to continue with clarity and confidence.

“After more than four decades of institutional and civic leadership, I look forward to creating greater space for writing, advising, mentorship, board service, and continued civic engagement. While I am still shaping what that next chapter will look like, I know it will continue to focus on improving lives and strengthening communities.”

Pelton joined the Boston Foundation in May 2021 after more than two decades as a college president, including ten years leading Emerson College. Soon after joining TBF, Pelton guided the Foundation through a strategic planning process that sharpened the Foundation’s focus on equity, civic leadership, and cross-sector partnership, and led the organization through a rebranding effort in 2022. Under his leadership, TBF has strengthened and expanded its impact significantly. During his tenure, Foundation assets grew by nearly $1 billion to $2.6 billion, while the annual resources directed into communities nearly doubled to well over $300 million.

"I am proud of what we have built together, proud of the resources we are mobilizing for Greater Boston, and I am committed to supporting a strong transition that allows the Foundation’s work to continue with clarity and confidence."

Lee Pelton
President and CEO

These record levels reflect growing donor trust, institutional strength, and TBF’s expanding ability to mobilize philanthropy for community impact.

“Lee has brought extraordinary moral clarity, civic vision, and institutional leadership to the Boston Foundation,” said Dwight Poler, Chair of the Boston Foundation Board. “He has strengthened TBF’s role in the community, deepened our commitment to equity, overseen the largest years for fundraising and grantmaking in our 111-year history, and helped position the Foundation for its next chapter. The Board has a succession plan and search strategy ready to ensure TBF continues its ambitious plans to support an ever-greater Boston, in partnership with the donors, nonprofits and civic and community leaders whose work inspires us each day. We are grateful that Lee will continue to support us through this smooth transition.”

In 2022, Pelton created the Greater Boston Partnership to Close the Racial Wealth Gap, a broad coalition based at the Boston Foundation focused on addressing racial wealth disparities in the region through homeownership and related strategies. The program is closing in on its initial $25 million fundraising goal – funds that it is estimated will create $170 million in home equity for more than 700 first-time homebuyers over the next decade. The coalition’s initial investment in the Massachusetts Housing Partnership’s ONE+ down payment assistance program has supported purchases by nearly 400 first-time homebuyers across Massachusetts in the program’s first 18 months.

This spring, the Wealth Gap Partnership expanded its support to the Massachusetts Affordable Homeownership Alliance’s STASH Program, which provides first-generation, first-time homebuyers in Massachusetts with down payment assistance and financial literacy and homebuyer education.

“Lee Pelton has been a transformative leader for the Boston Foundation and an extraordinary force for good in Greater Boston - tackling complex issues from expanding housing access to closing wage and wealth gaps. His work has served as a powerful example of what is possible when philanthropy brings people together and leans into tough problems,” said Massachusetts Governor Maura Healey. “Lee’s visionary leadership at Emerson College also helped strengthen one of Boston’s most important educational institutions and expanded opportunities for generations of students. Lee has built an incredible record of impact, and I am deeply grateful for his service and friendship.”

TBF has also maintained and strengthened its partnerships with political, civic and community leaders on issues from wage equity to affordable housing. Through vital partnerships with the foundation’s community of donors, as well as other philanthropic institutions and the City of Boston, TBF’s Meeting the Moment campaigns have raised and catalyzed nearly $10 million to support anti-hunger and immigrant rights and support organizations.

“Lee Pelton’s thoughtful leadership and civic vision have shaped our city for generations to come. Under his stewardship, TBF has been one of the City’s most impactful partners in expanding opportunity, building community, and responding to the needs of our residents with urgency and compassion,” said Boston Mayor Michelle Wu. “He is a driving force for equity and integrity, bringing our city together across every sector to shape our future. I am deeply grateful for Lee’s friendship and treasured counsel, and I know Boston will continue to call on him for many years to come.”

Under Pelton’s leadership, TBF also bolstered the profiles of the Asian Community Fund, the Latino Equity Fund, and the LGBTQ-focused Equality Fund – all of which have expanded their grantmaking to record levels in the past year.