Alum takes over as Finance VP

Craig Carnaroli came back to Penn last week, but he didn't move into the Quad or register for courses. Instead, the 1985 Wharton graduate assumed his new position as Vice President for Finance and Treasurer last Monday. "It's exciting to be back," Carnaroli said. "This is a job that I know I will love." Carnaroli, 36, replaces former Vice President for Finance Kathy Engebretson, who announced her resignation on December 6 and left to take a position at Black Entertainment Television. In his new job, Carnaroli oversees all of the University's financial operations, including investments, student financial services, risk management and acquisition services. Carnaroli said he was contacted by the University and offered the job about two weeks after Engebretson's announcement. He previously served as the director of the Health and Education Finance Department at Merrill Lynch, which had been retained by Engebretson last October as a consultant to Penn and the University of Pennsylvania Health System. Though he is not directly responsible for overseeing the financially troubled Health System, Carnaroli said he will assist University President Judith Rodin and Executive Vice President John Fry in "monitoring the problems at the Health System and its recovery." Before going to Merrill Lynch in 1995, Carnaroli worked at CS First Boston, an international banking firm. He received his MBA from Stanford University in 1990 and has specialized in working with non-profit and educational institutions throughout his career. Carnaroli noted that while he brings more than a decade of financial experience to the position, he is still somewhat of a newcomer to Penn's finances. "There's a lot that I know, but there's a lot that I need to learn," he said, adding that he thinks he "can add a perspective for the benefit of the University." Vice President for Business Services Leroy Nunery said that Carnaroli's appointment will advance the University's financial position. "We had a great CFO in Kathy Engebretson," he said. "What I think Craig also brings is knowledge in what's happening on Wall Street." "He's certainly got the ideas that will lead to effective ways of raising capital when we need it," Nunery said. As a former Penn student and consultant, Carnaroli said he is arriving at Penn with the benefit of more than one perspective. "There's a lot of energy, a lot of ideas floating around [on campus]," he said. "Part of our success is what the students are doing." Carnaroli's continuing relationship with the University goes beyond simply attending Wharton. While a student at Penn he met his wife, Amie Thornton, and served on several student committees, including as a liaison to the University Board of Trustees. Thornton currently serves as a rush advisor to Penn's chapter of the Chi Omega sorority.