Rick Petillo Promoted to Senior Vice President of Finance and Operations at Clemson University
CLEMSON, SC — In a significant move for the financial leadership of Clemson University, Rick Petillo has been promoted to senior vice president of finance and operations, while retaining his role as chief financial officer. The Board of Trustees approved his promotion along with a new annual salary of $450,000 during their recent meeting on Friday.
Key Responsibilities and Expanded Role
In his expanded role, Petillo will now oversee not only the financial operations of the university but also public safety, facilities, and real estate. His appointment follows the announcement of Tony Wagner’s resignation as executive vice president and chief operating officer, which takes effect on May 1. This restructuring aims to streamline the university’s administrative framework and enhance its operational efficiency.
“I’m honored by this opportunity to lead the amazing finance and operations teams,” Petillo expressed in a statement. “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.”
A Solid Background in Finance
Rick Petillo joined Clemson’s finance and operations division in 2015, bringing with him extensive experience from the banking and finance sectors, having spent 15 years at prominent institutions including Merrill Lynch and Bank of America. He was appointed as the university’s chief financial officer in 2020 and is a graduate of Duke University.
Financial Challenges and Projections
During the Board of Trustees meeting, Petillo presented the preliminary budget for the upcoming fiscal year 2025-26. He outlined positive trends such as a 26 percent increase in Clemson’s revenue from fiscal years 2022 to 2024, although he cautioned that growth may decelerate. Petillo is projecting a 6 percent increase in revenue for the next fiscal year, a figure that remains above the national average for public universities, which Moody’s estimates at around 4 percent.
Despite this optimistic forecast, Petillo acknowledged several challenges ahead, including rising costs and potential funding uncertainties. “We are anticipating headwinds,” he mentioned, specifically pointing to slower growth in tuition, state appropriations, and grants.
Moreover, Petillo highlighted that research expenditures have outpaced the university’s growth expectations. Annual research spending has increased by 12 percent, which is significantly higher than the targeted growth rate of approximately 5 percent outlined in the university’s Clemson Elevate plan.
Strategic Measures in Place
To proactively manage the financial landscape, Clemson University has implemented measures such as a hiring freeze that began in March and a 60-day pause on non-compensation expenses to align expenditures with anticipated revenues.
“Projected revenues are still above the sector-wide average, but given the headwinds we’re seeing, focusing on moderating expense growth will be a continued priority through ’25 and into ’26,” Petillo stated.
The Board of Trustees is expected to discuss tuition and fee recommendations while finalizing the fiscal year 2026 budget in July, setting the stage for Petillo’s new leadership role amidst a complex fiscal environment.
Conclusion
Rick Petillo’s promotion marks a pivotal moment in Clemson University’s financial governance, as he steps into a broader role amidst a backdrop of both growth and challenges. His experience and strategic vision are crucial as the university navigates its financial future while continuing to fulfill its educational mission.
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