wfn.org | [PCUSANEWS] Ken Grant resigns as PILP chief

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Note #7534 from PCUSA NEWS to PRESBYNEWS:

Ken Grant resigns as PILP chief
02479

Ken Grant resigns as PILP chief

Grew Investment & Loan Program into $40 million operation

by Jerry L. Van Marter

LOUISVILLE - The Rev. Kenneth G.Y. Grant, who has been chief executive of the
Presbytereian Investment and Loan Program (PILP) since shortly after its
launch six years ago, has resigned.

Under Grant's leadership, PILP grew from nothing to become a $40 million
operation.

Grant is returning to his roots in Massachusetts. On Feb. 3, 2003, he will
become senior vice-president of Northeast Retirement Services, a
financial-services provider for businesses, educational institutions and
non-profit corporations, whose clients include the New Hampshire Charitable
Foundation, the Catholic Archdiocese of St. Louis and Emory University in
Atlanta.

"For my family, it's a chance to go back home," Grant told the Presbyterian
News Service in a Dec. 5 interview. "As a minister, it's also a chance for me
to go back to my home presbytery." Before he moved to Louisville eight years
ago, Grant was executive presbyter of Boston Presbytery, of which he is still
a member.

Grant became CEO of PILP shortly after its founding in the summer of 1995. 

PILP receives money from Presbyterian investors - paying market-rate returns
- and uses it to provide below-market-rate loans to churches and other
Presbyterian institutions for their capital needs. James Rissler, PILP's
chief operating officer, said the program had assets of just over $42 million
on Oct. 31, and had $37 million out in loans.

"Ken Grant provided visionary leadership and was uniquely gifted to do so,"
said John Detterick, executive director of the General Assembly Council. "He
was a real colleague in ministry who always put the good of the church
first."

Rissler agreed. "Ken really presents a unique combination of abilities to get
this company off the ground," he said. "As a pastor and then an executive
presbyter who also had extensive education and experience in business, Ken
was instrumental in giving PILP the right start."

Grant said: "I feel best about helping create a team of elected leaders and
staff who can provide significant resources for church development. I'm
particularly grateful for the opportunity to create something new in this
200-year-old community; that kind of opportunity is so rare."

PILP's future looks bright, he added. 

"People who have invested with us have continued to reap dividends, both
financially and in seeing their mission dreams fulfilled," he said.

While financial markets are volatile, he said, "PILP is at a level of
maturation where, with continued good leadership, it will continue to grow,
step by step."

Detterick said Grant "will be a really hard act to follow, but we're
confident there's people both inside PILP and out in the church who are ready
to serve."

In the meantime, Rissler said, "We're sure glad Ken was here."

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