A stated meeting of the Penn Board of Trustees took place Friday, June 12, 2026.

After Trustees Board Chair Ramanan Raghavendran called the meeting to order, Charles Howard, University Chaplain and Vice President for Social Equity & Community, gave the invocation. 

Mr. Raghavendran presented six resolutions, each of which was approved:

• To revise the procedures for proxy voting
• To amend and restate the conflict-of-interest policy of the Trustees
• To revise the structure of the Trustee committees and their charters
• To identify the committees that will include faculty and student liaisons
• To amend the statutes of the Trustees
• To designate M. Elizabeth Magill as President Emerita

President J. Larry Jameson reported that during academic year 2025-2026, Penn made significant progress on its strategic priorities. He thanked those who had made Penn’s Commencement activities and Alumni Weekend so successful. He also noted Drs. Albert Maguire, Jean Bennett, and Katherine High were awarded the 2026 Breakthrough Prize (Almanac April 28, 2026). President Jameson presented a resolution of appreciation for Gregory J. Pellicano, upon his retirement as vice president for audit, compliance, and privacy, and another to appoint Timothy Susanin to that role. Both resolutions were approved.

During the academic report, Provost John L. Jackson, Jr., highlighted the strategic plans and initiatives of Timothy Rommen, vice provost for the arts, and Sanya Carley, vice provost for climate science, policy, and action. Provost Jackson then presented a resolution on faculty appointments and promotions, which was approved.

Executive Vice President Mark F. Dingfield gave the financial report. For the fiscal year ending June 30, 2026, the total net assets for the consolidated University are forecasted to increase by $2.8 billion to $36.7 billion ($25.8 billion for the academic component and $10.9 billion for the health system). An increase in net assets from operations of $591 million is projected for the consolidated University. Cash is projected to increase $294 million to $3.3 billion for the consolidated University ($2.0 billion for the academic component and $1.3 billion for the health system).

Jonathan A. Epstein, Executive Vice President of the University of Pennsylvania for the Health System and Dean of the Perelman School of Medicine, announced the extension of the appointment of Kevin Mahoney as UPHS CEO through June 2031. Vice Provost and Dean of Admissions E. Whitney Soule reported on the incoming the class of 2030. Committee chairs then provided reports regarding meetings held on Thursday, June 11, 2026.

The Budget & Finance committee presented 12 resolutions, which were approved. The Governance Committee presented three resolutions—to elect the executive committee, to elect the investment board, and to re-elect Trustee Harlan Stone—each of which was approved.

Mr. Raghavendran presented resolutions of appointments to the Penn Medicine and other boards, which were approved.

The next Board of Trustees meetings are scheduled to take place on Thursday, September 24.