Patch reports that a financier will take over as chairman of Success Academy, New York City’s largest charter school network, this summer following racially charged remarks by the current chair. Steven M. Galbraith will replace Daniel Loeb at the head of Success Academy’s board of trustees on July 1, 2018, the group announced Monday.
In his new job, Galbraith, the board’s current treasurer, will oversee a network of 46 charter schools that serve more than 15,000 students, most of them children of color from poor families.
“From our earliest days, Steve Galbraith has been an extraordinary thought partner and tireless champion of children,” Success Academy CEO Eva Moskowitz said in a statement. “Through his wise stewardship of our finances, Success has been able to grow to meet the demand of parents who are desperate to find a high-quality school for their children.”
Galbraith, the co-founder of the venture capital firm Kindred Capital, has led the board’s finance committee for five years, according to a news release. He served on the board of Success Academy’s second school in Harlem and later founded a Bronx school with his wife.
Success Academy credited Loeb, a billionaire hedge fund manager and philanthropist, with growing the network from 22 to 46 schools in his five-year tenure and leading it to national recognition, including the 2017 Broad Prize for Charter Schools.
Photo credit: Steven M. Galbraith will take over as chairman of Success Academy’s board of trustees in July. Photo courtesy of Success Academy