News Release
at The Chicago Public Education Fund
Aidan Leonard, Development and Communications Associate
(312) 558-4503

February 7, 2002

Boeing invests $500K in venture capital fund for education
Condit to join The Chicago Public Education Fund board

CHICAGO—The Boeing Company marked 100 days of business in Chicago today with a $500,000 investment in The Chicago Public Education Fund, a venture capital fund that invests in high-impact programs focused on improving school leadership and student achievement.

“We've been in Chicago 100 days and have engaged ourselves in the Chicago community,” said John Warner, senior vice president and chief administrative officer. “Being involved in the community strengthens our business and it is a part of our heritage, our vision and our culture. This is the beginning for what we see as a long-term partnership,” continued Warner.

As part of that long-term partnership, Boeing Chairman & CEO Phil Condit joined The Fund’s board of directors, where he will lend his management expertise to track the performance of investments and provide counsel to The Fund’s portfolio of high-caliber program management teams.

“I joined the board of directors because of its reputation for active engagement in strategy and program investments,” Condit said. “I also appreciate The Fund’s emphasis on creating measurable results.”

Condit serves on the board of Hewlett-Packard Company and is a member of the Business Council and the Business Roundtable. He also serves on the boards of the Boy Scouts of America and Seattle’s A Contemporary Theater (ACT).

“We’re thrilled that Boeing and Phil made such a major commitment to improving public education in Chicago,” said Janet Knupp, the president of The Fund. “Boeing’s investment—and Phil’s leadership—will make a major impact on The Fund, and ultimately, our students.”

To date, The Fund has raised $7.4 million toward a limited number of investments focused exclusively on improving school leadership through programs that recruit, develop and retain outstanding teachers and principals.

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As a venture capital fund for public education, The Chicago Public Education Fund is an unprecedented catalyst for improving school leadership and student achievement system wide. Launched by a group of corporate and civic leaders, The Fund brings private sector dollars and expertise to high-impact programs aligned with Chicago Public Schools priorities. Find out more at www.cpef.org.
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