Correction appended: Dec. 21, 2012.
After being appointed as the new president of BNY Mellon, chair of the Board of Trustees Karen Peetz will not seek re-election as the board's leader, according to a press release by Penn State Live.
Peetz is currently the vice chairman and CEO of Financial Markets and Treasury Services. Her presidency will go into effect on Jan. 1, 2013, according to the release.
“At all times, and particularly now, our University needs a chairman with the ability to commit virtually unlimited time and energy to guiding this great institution to its promising future,” Peetz said in the release. “The new, significantly broader responsibilities I am assuming at BNY Mellon preclude me from dedicating myself fully to Penn State right now.”
Peetz said in the release that there are many capable leaders on the board, and said the current Vice Chairman Keith Masser has indicated his interest in running for the chair position.
The election of a new chairman and officers will take place at the Board of Trustees meeting on Jan. 18, 2013, according to the release.
According to the release, Penn State bylaws state that officers for the board have to be chosen each year in January, and that each officer holds a one-year term for typically two or three terms.
An earlier version of this article incorrectly described Karen Peetz's plans for future involvement with the Board of Trustees. Peetz does not plan to seek re-election as chairwoman but does plan to continue on the board as a voting member. The above article reflects the correct information. The Daily Collegian apologizes for this error.