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Phillips Academy is the oldest incorporated academy in the United States, established in 1778 by Samuel Phillips, Jr. Phillips's uncle founded Phillips Exeter Academy three years later, starting a rivalry that has continued through the centuries.

Phillips Academy's endowment stood around $ 800 million in June 2011, the fourth-highest of any American secondary school.

The three secondary schools with higher endowments are: Phillips Exeter ($ 1 billion ) the Milton Hershey School in Pennsylvania, and Kamehameha Schools in Hawaii ($ 6. 8 billion ).

Andover is subject to the control of a board of trustees, headed by Peter Currie ' 74, business executive and former Netscape Chief Financial Officer, who took over as president of the Phillips Academy Board of Trustees on July 1, 2012.

On November 14, 2011, John G. Palfrey, Jr., Henry N. Ess III Professor of Law and Vice Dean for Library and Information Resources at Harvard Law School, was named the 15th Head of School.