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University of Pennsylvania’s Craig Carnaroli to Depart

A glimpse of the university's thriving academic life amidst changing seasons.

News Summary

Craig Carnaroli, senior executive vice president of the University of Pennsylvania, will leave his role after 25 years. He will take a position at Stanford University beginning September 2025, amidst challenges involving federal funding and leadership changes at Penn. Carnaroli has been instrumental in shaping the university’s financial policies and navigating past economic crises. His departure coincides with a hiring freeze at Penn as it faces financial obstacles, with his successor, Mark Dingfield, set to continue his legacy.

Philadelphia—Craig Carnaroli, the senior executive vice president of the University of Pennsylvania, will be departing from his role after a notable 25-year tenure. Starting in September 2025, he will take on the position of senior vice president for finance and administration at Stanford University.

Carnaroli’s decision to leave comes amid significant challenges facing the University of Pennsylvania, particularly concerning potential federal funding losses that could amount to hundreds of millions of dollars, alongside the looming threat of an endowment tax hike. His departure reflects a broader trend of leadership transitions within the university, which has faced scrutiny over its responses to recent financial challenges.

During his extensive career at Penn, Carnaroli has been a key figure in navigating the institution through various economic trials, including the financial crisis of 2008 and the subsequent challenges posed by the COVID-19 pandemic. His contributions have been instrumental in shaping the university’s financial landscape, with the endowment growing to $22.3 billion under his watch and achieving 20 consecutive years of budget surpluses.

In addition to his financial oversight, Carnaroli played a critical role in developing Penn’s all-grant, no-loan financial aid policy, which significantly alleviated student debt burdens. He was also involved in the expansion of campus facilities and the acquisition of important real estate for the university.

The atmosphere at Penn has been particularly tumultuous in recent years, marked by the resignation of former President Liz Magill in December 2023 following congressional testimony regarding antisemitism on campus. This departure, combined with other high-level exits, has introduced further uncertainty into the institution’s leadership landscape.

Current Penn President J. Larry Jameson acknowledged the substantial impact of Carnaroli’s work on the university’s success over the years. As Carnaroli prepares to transition out of his role, he is focused on ensuring a smooth handover to his successor, Mark Dingfield, who has been named as his replacement, effective August 2025, pending Board of Trustees approval. Dingfield, the current Vice President for Finance and Treasurer, brings a history of modernizing business operations at Penn and previously held positions at Princeton University.

The financial challenges at the University of Pennsylvania have prompted the institution to enact a hiring freeze, responding to anticipated cuts in federal funding. In the context of these pressing issues, Carnaroli expressed the importance of fresh thinking and leadership as Penn navigates its financial future, positioning his departure as a healthy transition for the university.

As he concludes his duties at Penn in late August or early September, Carnaroli’s legacy will continue to influence the university’s financial strategies moving forward, leaving behind a significant footing in higher education finance.