Dear Colleagues,
I will be stepping down as CEO of The Shareholder Commons, effective June 30, 2026.
I am sure the timing will be a surprise to many of our allies, as it does feel as if the ideas we have been promoting are gaining traction at an increasing rate–why leave just when things are getting fun? The answer is twofold. First, there are some things I would like to do that I cannot do while leading TSC. More importantly, I think the emerging shift in system-level investing—from an idea to a practice—calls for a leader with a different mix of experience and strengths.
I want to share some context for this change.
First, I’m incredibly grateful for what we’ve built together. When we launched TSC in late 2019, the idea that investors could explicitly engage individual companies based on their impact on diversified portfolios was supported by two decades of theory, but was not broadly discussed, let alone operationalized in the field. We challenged the status quo by filing 24 proposals for the 2021 proxy season that made just such an argument. Over the next few years, we showed that such arguments could be supported through the regulatory process and engagement. We appealed to regulators and even filed a lawsuit to advance this idea.
After a handful of proxy seasons, we saw that others were starting to support proposals and other proxy initiatives with system-wide impact arguments. We began reporting on these actions in a new publication, Portfolios on the Ballot. Of course, TSC did not create this shift on its own. The first half of the decade saw several important publications on system-level investing, as well as other advocacy organizations beginning to utilize these concepts, and it’s been deeply meaningful to be part of the community working to move this critical conversation forward.
As system-prioritizing arguments became more widely adopted, it became clear that TSC could have greater impact by shifting from leading individual campaigns to supporting the field more broadly. This evolution allowed us to pivot our strategy to building infrastructure for system-level investing, using everything we had learned in our five years of campaigning.
This next phase of the work calls for a leader with deep experience building field-level infrastructure and navigating complex, multi-stakeholder processes. That is why I’m very pleased to share that the Board has appointed Dan Osusky as TSC’s next CEO, effective June 30, 2026.
Dan is uniquely qualified to lead TSC into its next chapter. He brings deep experience in building public-good resources that enable systems change. He led the development of an impact assessment used by tens of thousands of companies as well as an impact accounting methodology that quantifies companies’ externalities. More recently, he has been central to creating our System-Level Investing Knowledge Lab. Such projects require a combination of vision, creativity, rigor, and collaboration–the type of work that will define TSC’s future.
This transition does not signal a change in our mission. TSC’s commitment to building and advancing the field of systems-level investing remains unchanged. Our strategic priorities, ongoing initiatives, and focus on field-building will continue as planned. We have an exceptional team in place, and the organization is strong, aligned, and well-positioned for this next phase.
Dan will continue to lead the Knowledge Lab alongside his responsibilities as CEO, ensuring continuity in both strategy and execution. The Board and I have great confidence in his ability to guide a process that brings together the multiple stakeholders whose support will be necessary to change the definition of success in investing. This is an essential step for TSC as we work to ensure that our original vision—an investing culture that understands that long-term financial success requires the prioritization of critical social and environmental systems over alpha—is firmly embedded in the newly emerging paradigm. With strong leadership, a clear mission, and growing momentum in the field, the organization is well positioned to deepen its impact alongside other organizations seeking the same. I’m proud of what we’ve accomplished together, and I’m excited to see what comes next under Dan’s leadership. Expect to hear about Dan’s vision in our next newsletter.
As for me, I will remain on TSC’s Board of Directors and continue to support the organization as its founder. I also plan to pursue projects related to systems-level investing outside of TSC’s core mission, and some interests outside of the field as well.
But to borrow a phrase from another Rick in different circumstances, our individual journeys don’t amount to a hill of beans when the future of the planet is on the line. Our economic system is badly broken, and if we don’t fix the way that markets work, future generations are going to pay a terrible price. I am more convinced than ever that changing the culture of investing lies on the critical path to preserving a healthy planet and the social institutions that will support both investments and the people for whom those investments are made.
If you are reading this, you have been part of the movement that is pushing for the culture change we so desperately need. For that reason, I want to express deep gratitude to you along with everyone who supports this work—colleagues, partners, and the many investors. You are doing the work that matters.
In friendship,
Rick
