Rick Petillo Promoted to Senior Vice President of Finance and Operations at Clemson University
CLEMSON, SC — In a significant development for Clemson University, Rick Petillo has been promoted to the role of senior vice president of finance and operations. This elevation in status, approved by the university’s Board of Trustees, accompanies an increase in his annual salary to $450,000. Petillo will continue to serve as the university’s chief financial officer while taking on additional responsibilities effective immediately.
Expanded Responsibilities
Petillo’s new position will see him oversee crucial areas such as public safety, facilities, and real estate, a move that consolidates his role with previously held responsibilities by Tony Wagner, the executive vice president and chief operating officer who announced his resignation earlier this year. Wagner is set to vacate his position on May 1. Expressing gratitude for the opportunity, Petillo stated, "I’m honored by this opportunity to lead the amazing finance and operations teams, and I appreciate the responsibility to guide the stewardship of resources at Clemson University as we work together to drive the teaching, research, and service mission of this great institution."
Background and Experience
Joining Clemson’s finance and operations division in 2015, Petillo brought a wealth of experience from the banking and finance sectors, specifically from prominent firms such as Merrill Lynch, Salomon Smith Barney, Bank of America, and First Southwest Company. He ascended to the position of CFO in 2020 and is also a Duke University alumnus.
Financial Projections for FY 2025-26
During a meeting of the Board of Trustees, Petillo presented a financial report detailing the university’s preliminary budget for the upcoming fiscal year 2025-26. He highlighted recent successes, including a notable 26 percent increase in revenue between fiscal years 2022 and 2024. However, he projected a deceleration in revenue growth, with an anticipated increase of just 6 percent for the next fiscal year.
“I want to make that point clear because we’re talking about a relative slowing of that growth, but it is still growing,” Petillo remarked. He noted that this projected growth outpaces the sector-wide average of 4 percent for public universities as estimated by Moody’s for FY25 and FY26. Petillo observed that while the university’s revenues are on an upward trend, challenges loom due to slower growth in tuition, state funding, and grants. In addition, he reported that research expenditures have grown at an impressive rate of 12 percent annually, far exceeding the 5 percent target outlined in the university’s comprehensive Clemson Elevate plan.
“To align expenditures with revenues, the university instituted mitigation measures— including a 30-day hiring pause in March and a 60-day pause on non-compensation expenses," he explained.
Looking Ahead
As Clemson prepares to finalize its FY26 budget in July, the Board of Trustees is set to consider recommendations concerning tuition and fees. Petillo emphasized the institution’s commitment to manage its resources effectively amidst the anticipated financial headwinds, indicating that sustainable financial growth remains a priority for the university’s leadership team.
Rick Petillo’s promotion marks a pivotal moment for Clemson University as it continues to adapt and thrive amid the evolving landscape of higher education finance.
Share this article:
