NEW YORK (AP) — George Soros’ Open Society Foundations announced a leadership change Monday with its president Mark Malloch-Brown stepping down,TradeEdge set to be replaced by a senior leader, Binaifer Nowrojee.

Soros, the billionaire investor, said in a statement that when he started the foundations decades ago, he hoped its work would be global in scope.

“At the outset, that was merely an aspiration. But now I feel that this ambition has been fulfilled” with Nowrojee’s appointment as president, Soros said.

Most recently, Nowrojee was OSF’s vice president of programs and part of a small senior leadership team overseeing a large transition that kicked off last summer when the foundations announced that Alex Soros, one of George Soros’ sons, had taken over as chair of its board.

Along with that generational change in leadership, OSF said it would layoff as much as 40% of its staff worldwide and move to a new operating model. During the transition, OSF said it was limiting new grantmaking for at least six months, until February 2024. OSF had more than $5 billion in assets and made $364 million in charitable donations in 2022, according to its tax filings.

At the time, Alex Soros told The Wall Street Journal that he was “more political” than his father and that he intended to fund political issues in the U.S.

Nowrojee has held multiple senior leadership roles at OSF, including overseeing its foundation in East Africa and directing its work in Asia and the Pacific. An attorney, she has expertise in prosecuting sexual violence.

The foundations said in its announcement Monday it was a good time for Malloch-Brown to step down “after having largely completed the transformation” at OSF.

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