Click here to close now.

Welcome!

News Feed Item

Penn State Board Chairman Appointed President Of BNY Mellon

---Does not seek re-election---

UNIVERSITY PARK, Pa., Dec. 18, 2012 /PRNewswire/ -- Penn State's Board of Trustees Chairman, Karen B. Peetz, will not seek re-election as chairman due to her appointment as president of BNY Mellon, James S. Broadhurst, chairman of the Board's Committee on Governance and Long-Range Planning, today announced.

Broadhurst's statement follows a Dec. 15 announcement by BNY Mellon that Peetz will become president of the 228-year-old historic institution effective Jan. 1, 2013.  She is currently vice chairman and CEO of Financial Markets and Treasury Services.

BNY Mellon is a global financial services company with $27.9 trillion in assets under custody and administration, and $1.4 trillion in assets under management. It services $11.6 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. 

"While on the Board, and especially during her tenure as chairman, Karen faced the toughest of challenges and led the board to make the right choices for the future of Penn State," Broadhurst said. "Karen's leadership as chairman will be missed, but we are all pleased she will continue to serve on the Board and has offered to remain chair of both the Trustee Presidential Search Council and the Blue & White Vision Council."

"At all times, and particularly now, our University needs a chairman with the ability to commit virtually unlimited time and energy to guiding this great institution to its promising future. The new, significantly broader responsibilities I am assuming at BNY Mellon preclude me from dedicating myself fully to Penn State right now," Peetz explained. 

"The Penn State Board possesses many very capable leaders, and I am gratified our Vice Chairman Keith Masser has indicated his interest and willingness to stand for election as chairman," she said.

Board of Trustee bylaws specify officers are to be chosen each year, in January, by ballot of the members of the Board present at the meeting. Officers serve for a period of one year, with a maximum of three years. Historically, the vice chairman is elected chairman of the Board upon completion of the term of the sitting chairman.  The election of a new chairman and other officers will occur at the next Board of Trustees meeting on Jan. 17-18, 2013.

Karen Peetz Tenure (Jan. 20, 2012Jan. 18, 2013)

As chairman, Peetz focused on changes and enhancements to the University's governance and strengthening the institution for the future.  

During her tenure the Board made changes to broaden representation and improve transparency, including expansion of Board committees and the addition of faculty, staff, students and alumni as non-voting members.  

All Trustee meetings for all topics, except legal issues or sensitive human resources subjects, became public; and recent meetings featured specific time for a public question-and-comment period.

Peetz also successfully guided the University's implementation of the interim recommendations of the Freeh Report; and established integrated working groups of Board members, faculty, staff and students to evaluate for implementation the report's 119 final recommendations for implementation.

Under her guidance and direction, the University began to dramatically enhance its management infrastructure with the appointments of new chief financial and legal officers, and for the first time, a chief compliance officer. 

In November she announced the commencement of the search for a new University president.  Current University President Rodney Erickson announced he would retire on June 30, 2014, or before, if the search is successfully concluded before that date.

With the counsel and assistance of Stanley Ikenberry, former president of the American Council on Education and past president of the University of Illinois and current senior fellow at Penn State, Peetz established the Penn State Blue & White Vision Council. 

The council, comprised of student, faculty, staff, academic and campus leaders, as well as representatives from Penn State Hershey Medical Center and the Board of Trustees, will identify key strategic challenges and opportunities facing the University over the next several years. This work is expected to continue to inform the skills and attributes required for the new president.

Background Information: Karen Peetz

Karen Peetz is a 1977 graduate of Penn State, where she was a student-athlete, competing in lacrosse and field hockey.  She is the president of BNY Mellon, having joined the company in 1998.  

She is chair of BNY Mellon's Women's Initiatives Network and in 2011 was named the most powerful woman in banking by American Banker.  She is on the board of directors for SIFMA, the Private Export Funding Corporation (PEFCO), and SunCoke Energy.  Before joining BNY Mellon, Peetz spent 16 years with JPMorgan Chase in a variety of sales and business management positions. 

Other Background Information

James S. Broadhurst, is chairman, Eat'n Park Hospitality Group Inc.  The company started as a single car-hop style restaurant in Pittsburgh in 1949 and has grown into a portfolio of regional foodservice concepts focused on personalized dining. It now serves more than 50 million guests every year.

Keith E. Masser, chairman and chief executive officer, Sterman Masser Inc.  Sterman Masser Inc. is a family-owned potato farming company in the Pennsylvania Dutch region of the Hegins and Lykens valleys.  It combines eight generations of potato farming experience with today's newest potato farming technology to meet the demands of modern business.  The potato packaging and warehouse operations pack and distribute more than 250 million pounds of potatoes each year.

The Pennsylvania State University is a state-related, land-grant university located in the Commonwealth of Pennsylvania. Founded in 1855 as an agricultural college, Penn State received university status in 1953. Penn State has 24 campuses throughout Pennsylvania, including undergraduate locations as well as special-mission campuses such as the College of Medicine in Hershey and the Penn State Law School. The Penn State World Campus is the University's online distance education component.

In total, Penn State serves more than 95,000 students. The University awards more associate, bachelor's and graduate degrees than any other institution in the Commonwealth, and has a research enterprise in excess of $805 million. Its mission is to improve the lives of the people of Pennsylvania, the nation and the world through integrated, high-quality programs in teaching, research and service.

 

SOURCE Pennsylvania State University

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Countless business models have spawned from the IaaS industry. Resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his General Session at 16th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, broke down what we've got to work with and discuss the benefits and pitfalls to discover how we can best use them to d...
"We have seen the evolution of WebRTC right from the starting point to what it has become today, that people are using in real applications," noted Dr. Natasha Tamaskar, Vice President and Head of Cloud and Mobile Strategy and Ecosystem at GENBAND, in this SYS-CON.tv interview at WebRTC Summit, held June 9-11, 2015, at the Javits Center in New York City.
Enterprises are turning to the hybrid cloud to drive greater scalability and cost-effectiveness. But enterprises should beware as the definition of “policy” varies wildly. Some say it’s the ability to control the resources apps’ use or where the apps run. Others view policy as governing the permissions and delivering security. Policy is all of that and more. In his session at 16th Cloud Expo, Derek Collison, founder and CEO of Apcera, explained what policy is, he showed how policy should be arch...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"CenturyLink brings a full suite of services to the table and that enables us to be an IT service provider," explained Jeff Katzen, Director of the Cloud Practice at CenturyLink, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.