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Monday, November 16, 2009

How UPenn managed three crises

James Riepe was a top boss at mutual fund giants T. Rowe Price and Vanguard Group, but for the past decade he also played a key role at Philadelphia's largest employer, the University of Pennsylvania, serving as chairman of its volunteer board of trustees during a financially turbulent period.

When he took the post, Riepe, a double-Wharton-grad, found a $200 million deficit at Penn's medical complex was threatening, as trustees believed, to pull the school under. Riepe recounts how Penn reorganized and stabilized its hospitals, brought private developers on campus to avoid costly new debt, and inadvertently outperformed Harvard, Yale and Princeton over the past year with its investments, in my PhillyDeals column in Sunday's Inquirer here.


 


 
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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