SAN FRANCISCO – The Hispanic Scholarship Fund (HSF) today announced its Board of Directors has appointed Paul M. Ostergard as interim president and CEO of the organization. Sara Martinez Tucker announced that she will step down as president and CEO of HSF at the end of September, based on the White House announcement today that President George W. Bush intends to nominate her for Under Secretary of the U.S. Department of Education.

As part of his role as interim CEO, Ostergard will conduct a comprehensive assessment of HSF’s required leadership skills for the future, and will head up the organization’s national search for a new CEO.

Ostergard brings a combination of corporate, foundation and not-for-profit experience to HSF. He is currently a trustee of the MasterCard Foundation in Toronto, Canada, and is the former president and CEO of Junior Achievement International in Atlanta. His prior experience includes serving as president and CEO of the Committee to Encourage Corporate Philanthropy, chairman and CEO of the Citigroup Foundation, and president and CEO of the General Electric Foundation.

Among his many board memberships, Ostergard served on the HSF Board of Directors for 10 years and is a former board chair. He holds a Master of Public Administration degree from Harvard University and a J.D. from the University of Michigan Law School.

“While we will greatly miss Sara – and words can’t describe how much she’s advanced the organization over the past decade – Paul will be an excellent leader for HSF as we navigate through this transition,” said Dr. Roger Benjamin, chairman of the Board of Directors for HSF. “Not only is he familiar with the organization, having served as the board chair, but he brings solid credentials in education and foundation work that will create synergies among our leadership team and support our mission.”

Tucker was named president and CEO of HSF in 1997. During her tenure, HSF grew from an organization that awarded $3.5 million in scholarships annually to its current size, supporting more than $25 million in annual scholarships to the Latino student community. Tucker also helped HSF expand its focus beyond college scholarships, with outreach programs designed to inspire more Hispanic students to attend college and earn their degrees. Tucker has become a leading national voice for Hispanic higher education issues, constructively extending her role and that of HSF into the central issues facing higher education today.

Ostergard will assume his new position on October 1, 2006. He will work with Tucker during September to ensure a smooth transition.

About the Hispanic Scholarship Fund
The Hispanic Scholarship Fund (HSF) is the nation’s leading organization supporting Hispanic higher education. Founded in 1975, HSF’s vision is to strengthen the country by advancing college education among Hispanic Americans, the largest minority segment of the U.S. population. In support of its mission to double the rate of Hispanics earning college degrees, HSF, a 501(c)3 not-for profit organization, provides the Latino community more college scholarships and educational outreach support than any other organization in the country. During its 31-year history, HSF has awarded more than 78,000 scholarships totaling in excess of $195 million to Latinos from all 50 states, Puerto Rico, the U.S. Virgin Islands and Guam who have attended more than 1,700 colleges and universities.