Penn’s financial chief is departing to take a new position at Stanford University.

Craig Carnaroli, the long-standing senior executive vice president at the University of Pennsylvania, is set to resign from his role to take up a similar position at Stanford University. This transition marks a significant change for Penn, as Carnaroli has played an instrumental role in its financial leadership for 25 years. His departure occurs during a tumultuous period for the university, which is facing potential federal funding cuts amounting to hundreds of millions of dollars, along with the possibility of an increased endowment tax.

Carnaroli’s impending exit was communicated to Penn’s leadership team by President J. Larry Jameson. In his tenure, Carnaroli has successfully navigated the university through various crises, including the 2008 financial downturn and the recent pandemic, showcasing his adeptness in financial management during challenging times.

In his upcoming role at Stanford, where he will serve as senior vice president for finance and administration—positions he prepared for throughout his career—Carnaroli will begin duties in September. A graduate of Wharton, Carnaroli has been associated with the University of Pennsylvania since 2000, initially serving as vice president of finance and treasurer before advancing to his current title as senior executive vice president.

Carnaroli’s contributions to Penn are substantial. He serves as the chief financial and administrative officer, overseeing numerous essential functions, including compliance, budgeting, business services, facilities management, investments, and human resources. His compensation has been substantial, with earnings reported at approximately .6 million in 2023 according to publicly available tax filings.

Under his stewardship, Penn’s endowment has grown to an impressive .3 billion, and he has overseen two decades of budget surpluses. His collaboration with former President Amy Gutmann led to the implementation of the all-grant, no-loan financial aid policy for undergraduates, a significant initiative aimed at reducing student debt following graduation.

Carnaroli also played a pivotal role in the development of Penn’s master plan, which encompasses extensive campus expansion projects, adding 8.5 million square feet of new facilities, including notable buildings and renovation efforts. His involvement in the acquisition of U.S. Postal Service properties in 2007 notably transformed the campus’s eastern gateway, enhancing access and integrating green spaces, notably Penn Park, into the university’s layout.

As Carnaroli prepares for his transition to Stanford, his legacy at the University of Pennsylvania remains profound, with his impact set to resonate within the institution for years to come.