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Peetz to Resign from Penn State Board of Trustees

by on January 10, 2015 9:45 AM

Karen Peetz, who served as chair of the Penn State Board of Trustees in the wake of the Jerry Sandusky, has now decided to leave the board altogether.

Penn State announced Peetz' departure in a news release issued Friday night. Peetz, who has served on the board since 2010, plans to step down on Thursday, Jan. 15, one day before the board holds its next regular meeting.

In a statement, current board chair Keith Masser applauded Peetz' service to the university.

"We owe Karen Peetz a great debt of gratitude for her service and her counsel," he says. "While not a long-standing member of the Board, Karen stepped up, at great personal sacrifice, when the University needed strong leadership. She not only oversaw a number of actions that strengthened our institution for the future, but also served as chair of our presidential selection council that brought us Dr. Barron."

Peetz took over as board chair in January of 2012. She decided not to run for re-election later that year after she was appointed president of BNY Mellon.

She is reportedly leaving the board now because of the "demands of her business commitments and travel" associated with her professional life.

Peetz did not immediately respond to an email request for comment about her decision to leave the board.

Masser has appointed Ira Lubert, who has twice served on the board, to fill the remainder of Peetz' term which expires on June 30, 2016. Lubert will join the board on Jan. 16, and will also assume Peetz's role as chair of the Committee on Audit and Risk.

"Ira has always been a tremendous asset to Penn State, bringing a wealth of knowledge and leadership skills to the table, as well as his business acumen and exceptional ability to build relationships, Masser says. "I believe his expertise, guidance and insight on a variety of matters will clearly strengthen our board and serve Penn State and its community well."

Peetz became a lightning rod for critics of the Freeh Report, which she accepted shortly after its release in July of 2012. The report found that top Penn State administrators tried to cover up the Sandusky child sex abuse scandal.

Former Penn State President Graham Spanier, former Athletic Director Tim Curley and retired Senior Vice President for Finance Gary Schultz face a number of charges including perjury, failing to report child endangerment and conspiracy. All three men have pleaded not guilty. No trial date has been set.

Sandusky is serving 30 to 60 years in state prison, following his conviction for sexually abusing young boys.

Peetz graduated from Penn State in 1977 and was honored as an Alumni Fellow by the Penn State Alumni Association in 2007. She was named a Penn State Distinguished Alumna in 2010.

Lubert, has spent his career working in the real estate and private equity sectors. He previously served on the board from 1997-2000, and was appointed to a second term by then Pennsylvania Gov. Ed Rendell. Lubert's second term ran from 2007 until 2013.

Lubert graduated from Penn State in 1973. He was given the Penn State Alumni Fellow Award in 1995 and the Distinguished Alumnus Award in 2006.

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Steve Bauer was the Managing Editor of Steve and his wife Trina are longtime area residents. They reside in State College along with a wacky Golden Retriever named Izzy.
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