Penn State President Graham Spanier was awarded the 2009 TIAA-CREF Theodore M. Hesburgh Award for Leadership Excellence Monday because of his "unconventional" approach to the modern university presidency, a spokesperson for the award said.
The award is named after the Rev. Theodore M. Hesburgh, president emeritus at the University of Notre Dame, and recognizes a current college or university president who epitomizes the spirit of Hesburgh and his commitments to higher education and society, according to a press release.
In an e-mail, Spanier wrote he was privileged to be the premiere recipient of the award.
"It was a great honor to be the first recipient of this award, named after one of our nation's most admired leaders," Spanier wrote.
He added he was nominated by the nation's higher education associations and selected by a panel of retired university presidents.
The award, which carries a $20,000 honorarium, was presented Monday at the American Council on Education's annual meeting in Washington, D.C.
Spanier said he plans to donate the money to the university to assist students with their financial burdens.
"I will be donating the funds that accompany the award to Penn State," he wrote. "And will supplement them with a gift of my own, to establish a new Trustee Scholarship for students with financial need."
Jennifer Vollaro, of Integrated Marketing Services for the TIAA-CREF Institute, said Spanier was perfect for the award because of "his focus on humanizing the university, his student centeredness and his integration of teaching, research and service."
The Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF) is one of the largest financial services companies in the United States, with more than $398 billion in assets as of September, according to its Web site.
The organization helps meet the financial needs of about 3.6 million individuals and 15,000 institutions in the academic, research, medical, cultural and nonprofit fields. Much of TIAA-CREF operates on a nonprofit basis, with surplus returned to participants, according to the site.
