Judith R. Hope, a former Corporation fellow, said it was important for prospective fellows to have a broad perspective and be willing to dedicate five or six days per month pro bono to the University.

Hope also suggested that due to their age, Corporation members D. Ronald Daniel and Hanna H. Gray are likely to retire soon—a consideration the Corporation needs to keep in mind as it picks its new member for years to come.

In a press release, Stone said being on the Corporation was “one of the most rewarding experiences of my life.”

“I’m especially grateful to Derek Bok, Neil Rudenstine and Larry Summers, whose leadership qualities across the decades have made Harvard an institution I have long been proud to consider my home away from home,” Stone said.

Stone graduated in 1947, after taking time off to serve in the army. While an undergraduate, he was the captain of the heavyweight crew team that set a world record for 2000 meters.

He studied economics, going on to a long career in business.

Stone has served as an executive in the shipping and energy industries—he was president and chair of States Marines Lines, and chair of the Kirby Corporation. He has also served as a trustee for many institutions.

Stone will continue in his present role as chair of the Committee on University Resources.

—Staff writer M. Ari Behar can be reached at mbehar@fas.harvard.edu.