Dallas Foundation CEO to exit for Cincinnati

A second major nonprofit foundation in Dallas is losing its chief executive.

The Dallas Foundation announced this week that Matthew Randazzo will depart in July for a similar position with the Greater Cincinnati Foundation. He’ll be replaced in the interim by Julie Diaz, the Dallas Foundation’s executive vice president and chief operating officer.

The Communities Foundation of Texas, one of the largest in the state, also is seeking a new leader. Its chief executive and president, David Scullin, retired in March.

Randazzo joined the Dallas Foundation in 2018 after longtime president Mary Jalonick retired. Before that, he had been CEO of the Dallas-based National Math and Science Initiative, a national organization that promotes college readiness.

Since his arrival five years ago, the foundation said it has increased assets by 36%, annual grants by 57% and contributions by 178%. The prominent charity connects donors with nonprofits and advances such initiatives as early childhood programs and equity and inclusion efforts.

Founded in 1929, the foundation is coming off a record year for contributions, with $175 million collected in 2022. Its assets totaled just under $525 million at the end of 2021, according to its most recent financial report.

It also relocated its offices in 2021 to Pegasus Park, a biotech campus in Dallas established by Lyda Hill Philanthropies and J. Small Investments. The foundation serves as managing partner of the Water Cooler, the campus’s hub for 32 nonprofit organizations.

Randazzo wasn’t available for comment Friday. In a statement included in the Cincinnati foundation’s announcement of his hiring, he cited family ties to the Midwest as a contributing factor.

“GCF has a national reputation for game-changing impact,” Randazzo said in the statement. “My wife, Gitu, and I are very excited about returning to the Midwest to be closer to our loved ones in Ohio and Michigan. We want to raise our 8-year-old son near family and rooted in Midwestern values that will support his development.”

The Greater Cincinnati Foundation’s assets are nearly twice as large, totaling over $975 million at the end of 2021.

Diaz, Randazzo’s interim successor, has worked in the nonprofit sector for 35 years. The foundation said she played key roles in its philanthropic partnerships and managed its increases in contributions and grantmaking.

The longtime Dallas resident has also held leadership positions at other North Texas organizations, including the Perot Museum of Nature and Science, Greenhill School and Southern Methodist University.

“Alongside Matthew, Julie has been the lead on both day-to-day business operations and donor relations, making her the ideal person to take the helm,” said foundation board chair Lydia Addy in a statement. “We are grateful for her steady hand.”