For Peter Tombros, the figure to beat is $1.37 billion.

"I believe that serving as campaign chair will be one of the most demanding jobs I've ever had," said Tombros, whose election to chairman for the university's new capital campaign was announced at Friday's Penn State Board of Trustees meeting. "I'm looking forward to seeing how much we can accomplish together to make this an even better institution for future students."

The new capital campaign will provide funds for scholarships, endowed chairs, research and other university purposes. The majority of gifts in previous campaigns went to individual academic divisions.

Tombros, a Penn State alumnus, previously served as the executive vice president of Pfizer Pharmaceuticals and the CEO of Enzon, a biotechnology firm. He was named a Distinguished Alumnus by the university in 2006 and currently oversees the university's Science BS/MBA program.

Tombros called the fundraising completed by his predecessors "tough acts to follow," but said he hoped to top them in the new, yet unnamed, campaign. Penn State's Grand Destiny Campaign, the university's last fundraising initiative, raised $1.37 billion between 1996 and 2003. Penn State President Graham Spanier expressed hopes that Penn State's new fundraising drive would help the university realize its "full potential as the most comprehensive student-centered university in the country," and said he has great confidence in Tombros as chairman.

"Peter is a seasoned leader," he said. "We are extremely grateful he has accepted this challenge ... I have every confidence that under Peter's leadership, we will hit new philanthropic milestones."

Spanier also said in spite of a 10-year boom in building expansion on campus, fundraising for construction will not be a focus in the years to come.

"We know that we have critical space needs on campus ... [but] there'll be very little in the new capital campaign for building," Spanier said.

Saying that financial support for building costs would come mostly from state aid and loans, Spanier added that it's especially hard to coax alumni, who usually favor sponsoring scholarships or chairs, to donate funds for construction.

"They're big chunks of money," he said. "The pace of new building construction will slow down."

Barbara Korner, who was confirmed as dean of the College of Arts and Architecture at Friday's meeting, said administrators must assist in seeking money for the university, saying that "60 percent" of her new job is fundraising.

"A dean's job in this day and age is to gather the resources and bring them back," she said.

Tombros encouraged board members, who have previously donated a combined $90 million, to set an example for alumni and give generously.

"I believe that we can and must surpass that $90 million," he said. "Generations of Penn Staters to come are counting on our leadership and support. I know that together, we can rise to this challenge."