Pitt announces long-time CFO’s retirement


Pitt’s CFO Arthur Ramicone will retire in 2018. (Photo courtesy of the University of Pittsburgh)

By John Hamilton | Managing Editor

Pitt’s chief financial officer and senior vice chancellor, Arthur Ramicone, will retire in August after a 30-year career at Pitt, the University announced Tuesday.

Ramicone, 64, is the second senior vice chancellor who will step down in 2018, following Provost Patricia Beeson’s announcement that she will leave her post next fall.

Ramicone began his Pitt career in 1988 as an internal audit manager. He became CFO in 1996 and was appointed to also serve as senior vice chancellor in 2015.

“He is a leader known for his honesty, integrity and sense of humor — and for bringing great teams together to tackle the right challenges,” Chancellor Patrick Gallagher said in a press release. “As a result, the University finds itself in an enviable position of exceptional financial strength.”

Pitt’s release credited Ramicone with implementing cost-saving methods and strengthening Pitt’s bond ratings.

Ramicone also oversees Pitt’s $3.52 billion endowment — the 26th largest in the country — which has increased from about $660 million when Ramicone became CFO. The Office of Finance manages the endowment with oversight from the Board of Trustees. The investment pool has come under scrutiny recently with student organizations pushing the Board of Trustees to divest the $26 million Pitt has invested in the fossil fuel industry.

As CFO, Ramicone is responsible for 14 departments, including payroll and risk management. His 2015 salary was $457,543.

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