University Park, Pa. — After 37 years of service to Penn State, Gary C. Schultz, senior vice president for finance and business/ treasurer of the University, has announced his retirement effective June 30, 2009.
Penn State President Graham B. Spanier said Albert G. Horvath, currently vice president for finance and business at Penn State, will succeed Schultz.
"This was a difficult decision to make, but I look forward to spending more time with my wife, Karen, and our children and grandchildren and hope to serve and support Penn State in new ways once I retire," said Schultz. "To me, the best part about working at Penn State for all of these years is the opportunity to work with so many bright, caring and dedicated people. They have inspired me every day."
Schultz, who earned a bachelor's and master’s degree in industrial engineering from Penn State, began his career with the University in 1971 and through 1995 handled various administrative responsibilities related to business operations, finance and technology. He has served in his current role since 1995, leading a division responsible for management of a wide range of areas, including: human resources, physical plant, University police, investment management, auxiliary and business services, corporate controller, University budget, legal services and Commonwealth Campus business operations. He oversees a unit that employs 2,500 full-time staff members.
Since 2000 he also has chaired the Penn State Investment Council, which is responsible for investing endowment funds totaling more than $1.6 billion.
"Gary devoted his entire career to Penn State, serving the University admirably for more than 37 years," Spanier said. "Gary's contributions have been among the most significant in the history of Penn State, and we will forever be grateful for the leadership, wisdom and hard work he provided to his alma mater during the course of a most distinguished career."
Schultz has served on the boards of directors for numerous Penn State entities, including The Corporation for Penn State and the Milton S. Hershey Medical Center. He also has worked on the boards of other organizations, including The Village at Penn State, the Pennsylvania Chamber of Business and Industry and Chamber of Business and Industry of Centre County, as well as Penn National Mutual Casualty Insurance Company, PNC Central PA Market Advisory Board and Factory Mutual Global Washington Advisory Board.
"When I first joined Penn State as an employee enrollment was only about 50,000 students. It has since almost doubled. This was a good institution, but it was not known as one of the top research universities in the nation like it is today," he said. "One of our most important initiatives in recent years is renovating older buildings to accommodate 21st-century research and to design and build new structures that allow faculty and students to conduct research that will have an impact well into the next century.
"Penn State is making life better — educating more students than ever before, boosting the state and national economy, and developing new medicines, new business models and innovation that is having an impact throughout the world."
After Schultz began planning for retirement two years ago, a national search was conducted and Horvath was hired in 2007 to begin the leadership transition in finance and business. He will become senior vice president effective July 1, 2009. In his current role, Horvath leads day-to-day management of finance and business, as well as holds responsibility for special projects and assignments, including information systems and technology and emergency preparedness.
"It is an honor to have worked with Gary and I look forward to continuing his good work and leadership here at Penn State," said Horvath, a 1981 Penn State graduate in accounting.
Horvath, who also holds an MBA in accounting from Duquesne University, was previously executive vice president for finance and chief financial officer at Columbia University from 2004-07. He previously served as associate vice president for finance/controller, and later vice president for business and finance and CFO, at The California Institute of Technology. He also has served as controller at New York University and audit director and assistant vice president for finance at Carnegie Mellon University. He started his career as an auditor with Mellon Bank, before becoming a manager in Mellon's trust and investment department.
Spanier said he will work with Schultz and Horvath throughout the remainder of the academic and fiscal year on what he expects to be a seamless transition.