The foundation president's salary is about $200,000 a year.
The position proved difficult, as control of the school was shared with the foundation president, who was a bulwark against reform.
The political parallel is not lost on the woman at the head of the table, Kathy Bushkin, the foundation president.
Two are university presidents, one is a foundation president and one is a lawyer.
He retired as foundation president in 1993 but remained a director until last year.
"She's perfect for the job of foundation president," Riley said.
Sixteen foundation presidents gathered for their annual meeting to discuss issues of mutual concern.
Carl Schramm, the foundation president, says that unlike a lot of education reform, "at very least, this program does no harm."
He said that as the foundation president, "I will not forget what it feels like to be turned down."
James Taylor was the foundation president and served for the first 35 years of the body's existence from 1909 to 1944.