The Community Foundation announces the appointment of Richard K. Bynum, Chief Corporate Responsibility Officer for The PNC Financial Services Group, as the new Chair of its Board of Trustees. Bynum succeeds Katharine Weymouth who has served as Board Chair since September 2020.
Washington, D.C., September 22 – Today, the Greater Washington Community Foundation announced the appointment of Richard K. Bynum, Chief Corporate Responsibility Officer for The PNC Financial Services Group, as the new Chair of its Board of Trustees.
As Chair, Bynum will partner with President and CEO Tonia Wellons to lead the region’s largest public foundation with over $500 million in assets and $70 million in annual grants. As a regional foundation with a 50-year history of mobilizing philanthropic resources, The Community Foundation has invested more than $1.5 billion to build equitable, just, and thriving communities in the Greater Washington region.
Recognizing that our region’s biggest challenges stem from economic injustice -- the root cause of persistent inequities which have been exacerbated by the pandemic and economic crisis -- The Community Foundation staff and Trustees recently developed a bold new 10-year strategic plan to close our region’s racial wealth gap. The plan outlines how The Community Foundation will provide strong leadership to identify the most promising ways to close the gap and mobilize the resources and support to make it happen. This will include:
Leading with an equity lens that guides its operations, investments, and grantmaking.
Nearly doubling assets over the next ten years and building a permanent endowment in order to respond to the challenges and opportunities at scale.
Directing resources toward strengthening neighborhoods with the greatest needs and the BIPOC-led community organizations that serve them.
Investing in strategies to increase economic mobility and support individual and community wealth building.
“Richard is the right person to lead our Trustees as we embark on an ambitious plan to create a more prosperous future for our region,” said Tonia Wellons, President and CEO, Greater Washington Community Foundation. “He possesses an essential combination of strategic business acumen, investment expertise, and a strong commitment to this region. At this critical juncture, Richard understands that it will take all of us working together to achieve this vision for economic justice and he is primed and ready to step up to the challenge.”
“It is an honor and a privilege to serve as board chair for The Community Foundation,” said Bynum. “I am passionate about creating impact and driving change, especially in my home market of Greater Washington. Measurable and meaningful impact requires creative strategy and strong collaboration. I know my fellow Trustees are up to the task and I look forward to working together to seize the opportunities ahead.”
Bynum is an accomplished executive with nearly 20 years of executive leadership experience. As chief corporate responsibility officer for The PNC Financial Services Group and a member of its Executive Committee, Bynum leads the PNC Foundation, Community Affairs, ESG practice, Community Development Banking, and Diversity and Inclusion. In addition, Bynum is leading the implementation of PNC’s Community Benefits Plan through which the company will provide at least $88 billion in loans, investments, and other financial support to benefit communities of color and low- and moderate-income individuals and communities.
Recognized as one of region’s most influential business leaders by the Washington Business Journal, Bynum serves on the boards of numerous nonprofit and civic organizations, including the corporate council for the Smithsonian National Museum of African American History & Culture; the Economic Club of Washington, DC; the Wolf Trap National Park for the Performing Arts; the Federal City Council; the United Way of the National Capital Area; and the Virginia Early Childhood Foundation.
Bynum succeeds Katharine Weymouth who has served as Board Chair since September 2020. During her tenure as Chair, Weymouth oversaw the hiring of Tonia Wellons as permanent President and CEO in 2020 and she played a key role during the development of The Community Foundation’s new 10-year strategic plan. As a Community Foundation Trustee for the last 6 years, Weymouth continued a family tradition and legacy of giving and service to the Greater Washington region. Her grandmother (and namesake) Katharine Graham, who ran The Washington Post for more than two decades, also served on the board of The Community Foundation for nearly a decade. Weymouth previously served as Publisher and CEO of The Washington Post, and today she serves on the Board of Graham Holdings and advises several startup businesses.
Since its founding in 1973, The Community Foundation has mobilized philanthropic resources to support and strengthen the Greater Washington region and ensure it is a place where all residents can live, work, and thrive. Over the last few years, The Community Foundation has led the region’s largest coordinated philanthropic response to the COVID-19 pandemic – raising over $11 million in community support to help nonprofits meet the increased demand for food, shelter/housing, medical care, mental health services, legal aid, educational support, and more. Last year, the organization began implementing a new strategic plan to center racial equity and inclusion, align business practices with its values, and to close the racial wealth gap. Later this year, the organization will launch several new pilot programs focused on increasing economic mobility in marginalized communities throughout the region.
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The Greater Washington Community Foundation ignites the power of philanthropy, catalyzes community impact, and responds to critical needs. For five decades, The Community Foundation has connected caring donors with nonprofits creating lasting change in DC, Montgomery County, Northern Virginia, and Prince George’s County. As the region’s largest local funder, we have invested more than $1.5 billion since 1973 to build racially equitable, just, and thriving communities where everyone prospers. Now, our strategic focus is to close our region’s racial wealth gap so that people of all races, places, and identities reach their full potential.