Almanac Between Issues September 9, 2004

Craig Carnaroli: EVP

President Amy Gutmann announced the appointment of Craig Carnaroli as Executive Vice President yesterday.  Mr. Carnaroli will assume the post effective immediately.  "I look forward to working closely with Craig as he leads the EVP division forward in a strategic and collaborative manner," Dr. Gutmann added.

As executive vice president, Mr. Carnaroli will serve as Penn's chief financial and administrative officer, reporting directly to President Gutmann.  He will be responsible for management of key administrative areas at Penn, specifically, finance, public safety, human resources, information systems, computing, internal audit and compliance, investments and business services.

Mr. Carnaroli came to Penn from Merrill Lynch in 2000, serving first as vice president for finance (Almanac January 11, 2000) and currently as senior vice president for finance and treasurer (Almanac July 15, 2003).  Dr. Gutmann described Mr. Carnaroli as an "outstanding financial executive," who has spent his entire career working primarily with hospitals, colleges and universities.

"His extensive knowledge of the university, impressive record as a team builder, and strong stewardship of the University's financial resources, make him the ideal person to move the EVP's office forward. We are truly fortunate to have someone with Craig's abilities ready to step into this key University position," said Dr. Gutmann

During his tenure at Penn, Mr. Carnaroli played an important role in the Health System's financial turnaround, which has resulted in an improved outlook issued by Moody's Investors Service for both the University and the Health System. Further evidence of his financial leadership is the recent upgrade of the University's long-term credit rating to Aa3.

At Merrill Lynch, Mr. Carnaroli served as director of the health care finance department, responsible for structuring and marketing tax-exempt and taxable debt issues for non-profit education and health care institutions. 

He is a 1985 Penn alumnus with a B.S. in economics cum laude from the Wharton School. He received an M.B.A. from Stanford University Graduate School of Business.

Dr. Gutmann also announced that a search for a Vice President for Budget and Management Analysis is underway, while the search for a Vice President for Finance and Treasurer will begin shortly. Penn's new Chief Investment Officer, Kristin A. Gilbertson, (Almanac July 13, 2004) will report to the EVP effective immediately. The Senior Vice President for Facilities and Real Estate Services, Omar Blaik, will continue to report directly President Gutmann.


Posted 9/9/04