The president and chief executive of Calvert Investments is stepping down at the end of this year, the company announced Friday.

Barbara J. Krumsiek, who has led the Bethesda-based investment firm for 17 years, will remain chairwoman of the board of directors. She has also been named founding chairwoman of the newly formed Calvert Institute, which will focus on sustainable investing issues, a position she will assume Jan. 1, 2015.

“Now it is time to turn my efforts full time to heading up the Calvert Institute and developing its vision and mandate,” Krumsiek said in a statement. “This gives me the opportunity to pursue what I am personally passionate about — promoting corporate social responsibility.”

Krumsiek joined Calvert as president and chief executive in 1997. The firm, which was founded in 1976, manages more than $13 billion in mutual funds and other investments.

“Under Barbara’s leadership, Calvert’s assets under management have tripled,” Bill Lester, executive vice president of Ameritas Holding Co., the parent of Calvert Investments, said in a statement.

Barbara Krumsiek, chief executive of Calvert Investments. (Jeffrey MacMillan/Capital Business)

A new chief executive has not been named, but Calvert said a search will begin immediately.

Krumsiek, a former chairwoman of the Greater Washington Board of Trade, also serves on the boards of Pepco Holdings and Girl Scouts USA, as well as on the executive committee of the Federal City Council.