(The Wall Street Journal) -- Harvard Management, which runs the university's $35bn (€24bn) endowment, announced that a professor at the business school who is a former Goldman Sachs vice chairman will serve as interim chief executive officer.

Robert Kaplan begins his role as interim chief executive on Monday and will steer the nation's largest university endowment during a period of transition. Mohamed El-Erian announced in September that he was stepping down as chief executive at the end of the year to return to Newport Beach, California, as the co-chief investment officer and co-chief executive officer of Pacific Investment Management.