Tulaine Montgomery Becomes Sole CEO During Time of Unprecedented Growth for New Profit
Announced in early 2023, the leadership evolution takes effect after two years of collaborative leadership between Montgomery and New Profit founder Vanessa KirschJuly 11, 2023
Earlier this month, Tulaine Montgomery officially stepped into the sole CEO role after serving as Co-CEO alongside New Profit Founder Vanessa Kirsch for the past two years.
“As New Profit celebrates and reflects on 25 years of impact, I am honored to lead and support this community of changemakers, philanthropists, and social entrepreneurs,” Montgomery said. “It is the opportunity of a lifetime to lead our work elevating proximate practices in philanthropy, and bring together a multiracial, intergenerational, cross-sector coalition that can power an American Evolution.”
Montgomery was a key architect of New Profit’s proximity strategy, an effort launched in 2018 based on research that found organizations led by Black and Latine individuals receive only an estimated 4% of total grants and contributions in the sector. In May, New Profit announced a $40 million partnership with the Ballmer Group and Echoing Green to address the systemic funding gap for Black-led nonprofit organizations advancing economic mobility in the United States. Montgomery will continue building on the momentum generated during her tenure as Co-CEO with Kirsch, which includes raising $100 million for the Proximate Capital Fund.
“Tulaine’s insight, expertise, and bold vision for change have helped shape New Profit and the broader philanthropic sector,” said Steve Jennings, New Profit’s Board Chair. “As we look to the future where both inspiration and action are needed, we are thrilled to have a leader with her ability to bring people together and move us all forward.”
Montgomery piloted the accelerator programs at New Profit that eventually became the organization’s rapidly expanding Catalyze Investments portfolio—since 2016 the portfolio has grown from 6 organizations to 48. She also led initiatives at New Profit focused on strengthening pathways to opportunity for underserved youth, driving resources and support to entrepreneurs impacted by the American legal system, and building a more diverse, equitable, and inclusive organization and philanthropic sector. Montgomery was a member of the original ‘idea team’ that designed and helped launch New Profit in 1998.
“I am so grateful to do this work alongside the New Profit community every day,” Montgomery added.
Montgomery steps into this new role at a time of extraordinary growth at New Profit. Over the past five years the New Profit portfolio has doubled from 36 organizations to 73. Additionally, New Profit has significantly shifted the portfolio composition from a majority of white-led organizations serving communities of color to a majority of high-impact leaders of color (86%) whose practices center on proximity.
“As New Profit embarks on its 25th year, now is the right moment to evolve the leadership of the organization,” said Kirsch. “Tulaine is the right leader at the right time—I can think of no better person to grow and evolve New Profit’s unique multiracial, intergenerational, cross-sector community. Her leadership is what our sector and our country need right now.”
Montgomery serves as the board chair for GirlTrek and on the boards of Beyond 12 and College for Social Innovation. Prior to New Profit, Montgomery has been an entrepreneur, educator, writer, and organizer. She has played leadership roles in the launch and expansion of social enterprises across the U.S., the Caribbean, East Africa, Indonesia, and South Africa. Montgomery’s writing has been featured in Stanford Social Innovation Review, The Root, Worth Media, and more. She is the recipient of several awards recognizing her commitment to social impact including ASU+GSV’s Innovator of Color award and the Social Innovator of the Year award from the University of New Hampshire.
After 25 years at the helm, Kirsch will become Founder-in-Residence & Senior Partner. In her new role, she will engage with New Profit’s democracy-related investments, with a particular focus on the organization’s truth, justice, and reconciliation work across America. She will also continue her advisory work with philanthropists and social entrepreneurs.
About New Profit
New Profit is a venture philanthropy organization that backs social entrepreneurs who are advancing equity and opportunity in America. New Profit exists to build a bridge between these leaders and a community of philanthropists who are committed to catalyzing their impact. New Profit provides unrestricted grants and strategic support to a portfolio of organizations led by visionary social entrepreneurs to increase their impact, scale, and sustainability. It also partners with social entrepreneurs and other cross-sector leaders to shift how government and philanthropy pursue social change to ensure that all people can thrive. Since its founding in 1998, New Profit has invested over $350M in 200+ organizations and, through the America Forward Coalition’s collective advocacy efforts, has unlocked over $1.9B in government funding for social innovation. Learn more at www.newprofit.org.