Penn Names New Executive Vice President

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Media Contact:Phyllis Holtzman | | (215) 898-8743September 8, 2004

PHILADELPHIA -- Craig Carnaroli, senior vice president for finance at the University of Pennsylvania, has been named Executive Vice President by Penn President Amy Gutmann.  Carnaroli will assume his new post effective immediately.

As executive vice president, Carnaroli will serve as Penn's chief financial and administrative officer, reporting directly to the president.  He will be responsible for overall leadership and management of key administrative areas at Penn, specifically, finance, public safety, human resources, information systems, computing, internal audit and compliance, investments and business services.  Penn has an annual operating budget of approximately $4 billion and is the largest private employer in Philadelphia.

"Craig is an outstanding financial executive, who has spent his entire career working primarily with hospitals, colleges and universities, " Gutmann said.  "His extensive knowledge of the University, impressive record as a team builder and  strong stewardship of the University's financial resources make him the ideal person to move the EVP division forward.  We are truly fortunate to have someone with Craig's abilities available to step into this key University position."

During his tenure at Penn, Carnaroli played an important role in the Health System's financial turnaround, which has resulted in an improved outlook issued by Moody's Investors Service for both the University and the Health System, as well as the recent upgrade of the University's long-term credit rating to Aa3.

Carnaroli came to Penn in 2000 from Merrill Lynch, where he served as director of the health care finance department, responsible for structuring and marketing tax-exempt and taxable debt issues for non-profit education and health care institutions.

He received a B.S. in economics cum laude from the Wharton School of the University of Pennsylvania, and an M.B.A. from Stanford University Graduate School of Business.