A Stated Meeting of the Trustees was held on March 4, 2022. Charles Howard, Vice President for Social Equity and Community, gave the invocation. 

Chair of the Board of Trustees Scott Bok read a resolution of appreciation for Wendell Pritchett for his exceptional service as Penn’s provost. He then read a resolution to designate Amy Gutmann as President Emerita. Both resolutions were unanimously approved. 

Interim President Pritchett presented the president’s report. He presented a resolution of appreciation for Senior Vice President for Finance and Treasurer MaryFrances McCourt, who will depart the University in mid-April. He also introduced resolutions to appoint Kathleen Shields Anderson as interim vice president of public safety and to appoint Russell DiLeo as interim vice president for finance and as treasurer. All three resolutions were unanimously approved.

Interim Provost Beth Winkelstein gave the academic report. She presented a resolution on faculty appointments and promotions, which was approved. EVP Craig Carnaroli presented Penn’s financial report, which reflected the period for the three months ended September 30, 2021. Total net assets were $27.3 billion, an increase of $7.2 billion, or 36%, from a year ago—a change largely driven by the Power of Penn campaign and the financial markets. The change in net assets from operations reflected an increase of $464 million. Total revenue of $3.5 billion was $544 million, or 18.5%, above the prior year. 

Executive Vice President of the University of Pennsylvania for the Health System and Dean of the Perelman School of Medicine J. Larry Jameson gave the Penn Medicine report. He described Penn Medicine’s efforts to support the citizens of Ukraine (click here for more information) and thanked Interim President Pritchett for his support.

Scott Bok delivered the Nominating Com- mittee report. He read a resolution of appreciation for Lee Spelman Doty and moved that she be designated Trustee Emerita, which was unanimously approved. He presented five other resolutions, which also were approved: re-elect Theodore E. Schlein as Term Trustee; elect Robert M. Stavis as Term Trustee; elect James G. Dinan as Charter Trustee; elect Bonnie Miao Bandeen to the Executive Committee; and elect Ann Reese as Vice Chair of the Board of Trustees. Eleven other resolutions of appointments to Penn Medicine and other boards were approved.

Mr. Bok then presented the final agenda item, the election of M. Elizabeth Magill as the next president of the University. The executive committee unanimously agreed to nominate M. Elizabeth Magill as Penn’s ninth president. 

The nomination was seconded by Ms. Doty and Trustee Alan Schnitzer. President-elect Magill spoke briefly, while patience may be a virtue, Penn is “an exception that proves the rule.” She stated that impatience is one of Penn’s virtues and it uses that restlessness to push knowledge forward to make itself and Philadelphia better. She said she is impatient to get started.

Mr. Bok said that the Penn community eagerly awaits July 1, when President-elect Magill’s tenure begins, and adjourned the meeting.

The Trustees’ Executive Committee and Budget & Finance Committee will meet on Thursday, May 12.