Barry Sternlicht, chairman and CEO of Starwood Capital Group, has been named the new board chairman of the Robin Hood Foundation, the biggest poverty fighting non-profit organization in New York.

Sternlicht served previously as the board’s vice-chairman, and he replaces Maverick Capital Management managing partner Lee S. Ainslie, III, who is stepping down after serving as chairman for two years.

David Einhorn

“As chair and vice chair of Robin Hood’s board of directors, Lee’s and Barry’s contributions to the ongoing fight against poverty in New York City have been invaluable,” Robin Hood executive director David Saltzman said in a press release issued by the foundation. “Under their stewardship, Robin Hood raised and granted more than $340 million to hundreds of the most effective organizations serving our neediest neighbors and raised an additional $67 million to help individuals and families recover from Hurricane Sandy; we are deeply grateful for their ongoing guidance and leadership.”

Greenlight Capital founder David Einhorn and Blue Ridge Capital founder and president John Griffin were named co-vice-chairmen. The foundation also added three new officers to its board: Bezos Family Foundation president and co-founder Jacklyn Bezos; D.E. Shaw & Co. managing director Anne Dinning; and Two Sigma Investments co-chairman and co-founder John Overdeck.

The Robin Hood Foundation focuses on poverty issues in New York, especially finding, funding and creating programs and schools which assist New York’s struggling families.

In the foundation’s 25-year history, it has granted over $1.25 billion to hundreds of non-profit organizations throughout New York. According to the foundation, its board of directors pays all administrative, fundraising and evaluation costs, which means all donations go directly to helping New Yorkers in need.