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Penn State Board of Trustees Chairwoman Karen Peetz Not Seeking Re-Election

by on December 18, 2012 10:17 PM

Penn State Board of Trustees Chairwoman Karen Peetz will not seek re-election now that she has been appointed president of BNY Mellon.

Board member James Broadhurst announced Peetz's plans to stay on the board, albeit it in a lesser role on Tuesday.

According to Penn State Live, BNY Mellon announced Peetz will begin her tenure as president on Jan. 1. She is currently vice chairman and CEO of Financial Markets and Treasury Services.

"While on the Board, and especially during her tenure as chairman, Karen faced the toughest of challenges and led the board to make the right choices for the future of Penn State," Broadhurst said. "Karen's leadership as chairman will be missed, but we are all pleased she will continue to serve on the Board and has offered to remain chair of both the Trustee Presidential Search Council and the Blue & White Vision Council."

"At all times, and particularly now, our University needs a chairman with the ability to commit virtually unlimited time and energy to guiding this great institution to its promising future. The new, significantly broader responsibilities I am assuming at BNY Mellon preclude me from dedicating myself fully to Penn State right now," Peetz said.

"The Penn State Board possesses many very capable leaders, and I am gratified our Vice Chairman Keith Masser has indicated his interest and willingness to stand for election as chairman," she said.

According to Penn State Live, bylaws specify that officers are to be chosen each year in January, by ballot of the members of the board present at the meeting. Officers are elected for a one-year term. Many members have served multiple terms.

The election of a new chairman and other officers will occur at the next Board of Trustees meeting on Jan. 18. The meeting will be held on-campus.

Laura Nichols is a news reporter and @LC_Nichols on Twitter.
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