EDITORIAL: A new leader takes charge

Popular Trustee Chairperson Roy Vagelos left behind a rich legacy of successes when he stepped down last week. We salute Vagelos for his achievements over the years and wish him luck in his future endeavors. Vagelos has served Penn with his knowledge, his money and his time. His philanthropy towards the University over the years has been invaluable. He and his wife, Diana, donated $10 million for the Roy and Diana Vagelos Laboratories. They handed out an additional $10 million to create the Vagelos Scholars program in the molecular life sciences. Vagelos has also been actively involved in various fundraising efforts for the University -- specifically trying to raise money for undergraduate financial aid. But Vagelos will be remembered for more than just the tangible changes he made to the University. His affection and love for the institution inspired his colleagues and the students with whome he came in contact to greatness. A scholarship student, Vagelos clearly values his Penn education and cherishes memories of his student years. And he has endeavored to push the institution to new heights during his term. Throughout his five-year tenure as Trustees chairperson, he has seen dramatic changes in his alma mater. During his term, Vagelos and the Trustees approved major development projects, including the Sansom Common retail complex and the 10-year $300 million dormitory and dining overhaul. And over the past few years the University endowment has steadily grown, now standing at approximately $3 billion. Overall, Vagelos has headed the decision-making body of Trustees during a highly successful period of University history. The group must now advance into the next century with a new leader at the helm. James Riepe, vice chairperson of the investment firm T. Rowe Price and former head of the Trustees' Investment Board, is the new chairperson. He takes on a daunting job -- chairing the body that has the final say on all matters of University policy. But we are confident he is up to the challenge. Vagelos' shoes will definitely be hard to fill, but we expect that with time Riepe can wear them comfortably.