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Arthur Rubenstein, School of Medicine dean and executive vice president of the University of Pennsylvania Health System, will step down when his term ends on June 30, 2011, Penn President Amy Gutmann announced Wednesday.

Originally appointed in 2001 by then-Penn President Judith Rodin, Rubenstein will complete his 10th year as dean in 2011.

Rubenstein, Penn’s highest paid administrator, earned $2.35 million in fiscal year 2008.

Rubenstein has planned to step down in 2011 since renewing for a second term in 2006, according to a press release.

“He thinks it’s the right time for him to pass the torch to somebody else,” Gutmann said.

After he steps down, Rubenstein will remain involved in Penn Med as a professor, she added.

“He has enabled Penn Medicine to become a stronger, more eminent and happier place than it’s ever been in its history,” Gutmann said.

When Rubenstein began his position as dean, the University Health System ­— which combined with the School of Medicine in 2001 to become Penn Med — was experiencing a financial crisis. Since then, Rubenstein has stabilized finances by integrating science and clinical work.

Among many accomplishments, Rubenstein has improved the quality of Penn Med’s faculty by spearheading the Penn Integrates Knowledge program, which recruits many distinguished scholars.

Since these are interdisciplinary professors, Rubenstein’s work has not only enhanced medical classrooms but also those in Penn’s other schools.

Dean of the School of Arts and Sciences Rebecca Bushnell said the area where she and Rubenstein collaborated most closely was in the hiring of their shared PIK professors.

“I have seen him in many different contexts, and I admire him for his tremendous sense of good judgement, his superb management of the school and also his wonderful humor and demeanor,” Bushnell said.

A search committee will be assembled this spring to find a new dean, who will take on the position starting July 1, 2011.

The process of finding a new dean takes around six months, according to Gutmann.

“We need somebody with excellent judgment, who commands the respect of the faculty, and who can be a great partner to me in moving Penn Medicine forward,” she said.

Given the admiration for Rubenstein, it may be difficult to replace a dean who is widely praised by students and whom Gutmann called “one of the greatest citizens of the University.”

Former chair of the Penn Med board and current chairman of the Board of Trustees David Cohen called Rubenstein an incredible leader.

“The entire University community has been well-served by Arthur Rubenstein’s tenure at the Penn Medical School,” he said.

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