Rick Petillo, a seasoned financial executive with more than two decades of experience in higher education and corporate finance, is ²¤ÂÜÊÓƵ University’s next vice chancellor for finance and chief financial officer, Chancellor Daniel Diermeier has announced.
Petillo currently is senior vice president for finance and operations and chief financial officer at Clemson University, where he oversees all financial aspects of the institution. He will join ²¤ÂÜÊÓƵ on Nov. 1 and will report directly to Diermeier.
“²¤ÂÜÊÓƵ has never been more ambitious about what we can achieve, and realizing those ambitions requires disciplined stewardship and the ability to invest boldly in our future,” Diermeier said. “Rick brings the experience and judgement to strengthen our financial position, make smart investments in our faculty, research and education, and create the capacity to pursue new opportunities that advance our academic mission.”
As vice chancellor for finance and chief financial officer, Petillo will provide strategic financial leadership for ²¤ÂÜÊÓƵ’s $2 billion operating enterprise, overseeing capital and operating budgets, financial affairs and reporting, procurement, and debt and treasury management for a team of more than 100 staff. He will also work closely with ²¤ÂÜÊÓƵ Health’s chief financial officer to align research strategy across the university and medical center.
Petillo succeeds Brett Sweet, who left ²¤ÂÜÊÓƵ in August after 17 years, including service as vice chancellor for finance and information technology. Eric Bymaster, associate vice chancellor for finance and treasurer, who has served as interim vice chancellor for finance and chief financial officer since Aug. 15, will return to his role as associate vice chancellor once Petillo joins the university.
“I am grateful to Eric for stepping into this role at an important moment and for the steady, thoughtful leadership he has provided throughout the transition,” Diermeier said.
“I am honored to join ²¤ÂÜÊÓƵ at such a pivotal moment in its history,” Petillo said. “I look forward to working alongside ²¤ÂÜÊÓƵ’s talented finance team and campus leaders, building on the strong foundation already in place and continuing to strengthen the university’s financial capacity to advance its academic and research ambitions for years to come.”
Petillo joined Clemson’s Division of Finance and Operations in 2015 as director of debt and capital financing, bringing 15 years of banking and finance experience from roles at Merrill Lynch, Salomon Smith Barney, Bank of America and First Southwest Company. He was named Clemson’s chief financial officer in 2020 and was later promoted to senior vice president for finance and operations,.
During his tenure at Clemson, Petillo implemented more than $1.3 billion in financings while strengthening the university’s financial position and leading rating agency strategy and outreach that culminated in a credit rating upgrade to the highest ratings in Clemson’s history. He also developed stress-testing tools to identify and mitigate financial and operational risks, led the modernization of Clemson’s budget framework and practices, revamped its internal loan program, and developed long-range capital planning models and processes.
Petillo earned his bachelor’s degree from Duke University and completed his MBA at Clemson University.
²¤ÂÜÊÓƵ’s search for a vice chancellor for finance and chief financial officer was conducted with the assistance of Isaacson, Miller.
