Rick Petillo Named Clemson University’s Senior Vice President of Finance and Operations
CLEMSON, SC — In a significant leadership change, Clemson University has appointed Rick Petillo as its new senior vice president of finance and operations. The university’s Board of Trustees approved Petillo’s promotion and salary of $450,000 during a recent meeting, solidifying his role as the chief financial officer and expanding his responsibilities within the institution.
Expanded Responsibilities and Oversight
Petillo’s promotion comes at a crucial time for Clemson, as he will now take on additional oversight duties for public safety, facilities, and real estate. This transition is part of a strategic alignment following the announcement that current executive vice president and chief operating officer, Tony Wagner, will resign from his position on May 1. “I’m honored by this opportunity to lead the amazing finance and operations teams, and 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,” Petillo said in a statement regarding his new role.
A Legacy of Financial Leadership
Rick Petillo has been a critical part of Clemson’s finance and operations division since joining in 2015. Prior to his tenure at the university, he accumulated over 15 years of experience in banking and finance, having held positions at major firms including Merrill Lynch, Salomon Smith Barney, Bank of America, and First Southwest Company. He was appointed chief financial officer at Clemson in 2020. Petillo is also a proud graduate of Duke University.
Financial Insights for FY 2025-26
As part of his responsibilities, Petillo recently presented a financial report to the Board of Trustees, outlining projections for the upcoming fiscal year 2025-26 budget. He reported on Clemson’s overall financial health, noting a 26 percent increase in revenue between fiscal years 2022 and 2024. However, he also projected a slowdown in revenue growth, forecasting a 6 percent increase for the next fiscal year, which remains above the sector-wide average projected by Moody’s.
“Clemson’s revenues continue to grow,” Petillo reiterated, clarifying that while the growth may be slowing, it is still robust relative to public universities nationally.
Despite this positive trajectory, Petillo cautioned about anticipated challenges, including a gradual decline in growth in tuition, state appropriations, and grants. He highlighted that research expenditures have increased by 12 percent annually, significantly exceeding the university’s target growth rate of 5 percent outlined in its Clemson Elevate plan.
To control expenditures amid changing revenue dynamics, the university recently implemented mitigation measures, including a hiring pause and restrictions on non-compensation expenses.
"Our projected revenues are above the sector-wide average, but in light of headwinds, focusing on moderating expense growth will be essential moving into fiscal year 2025 and beyond," Petillo added.
The Board of Trustees is expected to review tuition and fee recommendations and finalize the FY26 budget in July, making this an important time for Clemson as it navigates its financial future.
For further details and updates on Clemson University’s financial strategies and leadership changes, stay tuned to upcoming announcements from the university’s administration.
For inquiries, contact Lauren Pierce at [email protected] or call (864) 973-6301.
Share this article:
