AUSTIN (KXAN) — When Livestrong CEO Chandini Portteus announced her resignation last week after only nine months on the job, the board didn’t have to look far for her replacement. Greg Lee, who has been the foundation’s Chief Financial Officer for nearly a decade, is now taking over an organization that has seen revenue plummet in recent years.
“We remain very, very solid financially. We have over $75 million in assets that we continue to ploy and use and invest,” said Lee during an interview with KXAN at the foundation headquarters in East Austin.
IRS filings show Livestrong brought in $38 million in 2012. That year, foundation founder Lance Armstrong admitted he used performance enhancing drugs after vehemently denying accusations for years. The admission tarnished Armstrong’s image and cost Livestrong millions in donations and lost business partnerships. According to IRS filings, the foundation brought in less than $12 million in 2014.
Armstrong was removed from the Livestrong board in 2012 and did not appear to have any relationship with the foundation until he took part in the Livestrong Challenge weekend in October 2015, the foundation’s biggest fundraiser of the year. Lee said there are no “formal plans” for the 7-time Tour de France champion to have a larger role with the foundation and shied away from the idea associating with Armstrong is bad for business.
“We are forever grateful for the work that Lance did in creating this organization, for founding it and he remains our single largest donor,” said Lee.
Livestrong has pledged $50 million to the University of Texas Dell Medical School and Lee estimates the foundation will help 8,000 cancer patients in 2016.