William J. Hybl is stepping down as chief executive officer of the El Pomar Foundation, one of Colorado’s largest philanthropic organizations with nearly $600 million in assets.

His son, Kyle Hybl will replace his father as CEO of the the Colorado Springs-based foundation, effective Friday.

Bill Hybl has led the foundation since 1973, when he was hired as vice president and executive director. He has overseen more than $500 million in grants, the largest of which enabled construction of The Broadmoor World Arena. He also served twice as president of the U.S. Olympic Committee.

In 2001, he was appointed U.S. Representative to the 56th General Assembly of the United Nations. Two years later he was named Citizen of the West by the National Western Stock Show, and in 2008 he was appointed chairman of the U.S. Commission on Public Diplomacy.

He will remain chairman of El Pomar.

Kyle Hybl has been El Pomar’s chief operating officer since 2013 and recently completed his second six-year term on the University of Colorado Board of Regents.

He joined the foundation as general counsel in 2000 after serving 5½ years as a judge advocate for the U.S. Air Force. He holds bachelor’s and law degrees from the University of Colorado Boulder.

“We are excited about the next generation of leaders at El Pomar,” foundation Vice Chairman William Ward said in a statement. “The Board of Trustees and El Pomar staff wish to extend our deepest gratitude to Bill Hybl, who has led El Pomar with poise and passion since joining the Foundation 45 years ago.”

The leadership change came as El Pomar announced a series of promotions, including Matt Carpenter’s rise from senior vice president of programs to executive vice president and chief operating officer.

Colorado Politics contributed.