UNIVERSITY PARK, Pa. — Penn State Board of Trustees member Karen B. Peetz has announced her intent to resign from the board effective at the end of the day Thursday, Jan. 15 — one day before the trustee’s regularly scheduled meeting. Ira M. Lubert, who has served two previous terms as a trustee, has been named to fill Peetz’s term on the board, beginning Jan. 16.
Peetz, who served as chair of the board in 2012, cited the conflicting demands of her business commitments and travel with the Board meeting schedule for her decision to step down. Her term as a trustee does not expire until June 30, 2016. Peetz, president of BNY Mellon, has been a Penn State trustee since 2010.
As prescribed in the bylaws, unexpired terms may be filled by appointment by the chairman of the Board. Current Board Chair Keith Masser has named Lubert, chairman and co-founder of Independence Capital Partners and Lubert Adler Partners, to fill the unexpired term. He will join the board for its meetings on Jan. 16, and also will take over Peetz’s role as chair of the Committee on Audit and Risk.
“We owe Karen Peetz a great debt of gratitude for her service and her counsel," said Masser. "While not a long-standing member of the Board, Karen stepped up, at great personal sacrifice, when the University needed strong leadership. She not only oversaw a number of actions that strengthened our institution for the future, but also served as chair of our presidential selection council that brought us Dr. Barron."
As president of BNY Mellon, Peetz leads the company’s global client management and regional management areas, its treasury services business, and the strategic growth and global innovation efforts. Under her guidance and direction on the board, 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 addition, Peetz, along with Stanley Ikenberry, former president of the American Council on Education and past president of the University of Illinois, established the Penn State Blue and White Vision Council.
Peetz graduated from Penn State in 1977 with a degree in health and human development. She was honored as an Alumni Fellow by the Penn State Alumni Association in 2007 and as a Penn State Distinguished Alumna in 2010.
Lubert, who has more than 40 years of experience in the real estate and private equity areas, was a member of Penn State’s Board of Trustees from 1997-2000, and then appointed by Pennsylvania Gov. Ed Rendell for a second term from 2007 to 2010. He continued to serve until 2013.
“Ira Lubert is a former trustee who was not only elected to represent the business and industry sector, but also was a gubernatorial appointee,” Masser said. “Ira has always been a tremendous asset to Penn State, bringing a wealth of knowledge and leadership skills to the table, as well as his business acumen and exceptional ability to build relationships. I believe his expertise, guidance and insight on a variety of matters will clearly strengthen our board and serve Penn State and its community well.”
Over the years, Lubert has served as a member of the Penn State Abington Advisory Board and the steering committee for the seven-year Grand Destiny fundraising campaign that raised $1.4 billion.
He has provided financial support for numerous Penn State endeavors, including wrestling, Penn State’s All-Sports Museum, the College of Health and Human Development, Penn State Abington, Penn State Great Valley, the Football Excellence Fund, several different Renaissance Scholarship Funds, Undergraduate Education, the Milton S. Hershey Medical Center, The Libraries and the renovation of Rec Hall.
Lubert graduated from Penn State in 1973 with a degree in food service and housing administration. He received the Penn State Alumni Fellow Award in 1995 and in 2006 was honored with the Distinguished Alumnus Award from Penn State. Lubert has been honored by other institutions and organizations in the Commonwealth for his leadership and entrepreneurial nature. In 2014, Lubert was recognized as Drexel’s Business Leader of the Year and also was honored by Temple University for his excellence in leadership with the Musser Award.