UA chief financial officer steps down as university attempts to remedy ‘financial crisis’
The University of Arizona’s chief financial officer is leaving her position one month after leadership publicly announced they were experiencing immediate cashflow issues.
UA President Robert Robbins on Wednesday announced that he has accepted the resignation of Lisa Rulney, the now former CFO and senior vice president for business affairs. The transition comes as officials work to solve their financial stressors with just 97 days of cash on hand estimated by the end of the fiscal year.
"I want to acknowledge Lisa for her work and dedication to this great university over the past 22 years," Robbins said in a special meeting with the Arizona Board of Regents on Wednesday. In the interim, Executive Director John Arnold will serve as CFO and senior vice president for business affairs.
Rulney began in the role as the Interim Chief Financial Officer in 2018 and was officially appointed in 2019. Rulney was part of President Robert Robbins’ senior leadership team, providing direction for the school’s finances and administration. In Wednesday's meeting, Robbins explained how leadership plans to balance their budget. The board, which oversees all public universities in Arizona, will be working closely with UA officials over the next year to correct what some members described as a “financial crisis.”
When Rulney presented the financial setbacks to ABOR on Nov. 2, she said that, while concerned, she was optimistic that leadership would be able to build back their reserves over time.“There is a path forward,” she said. “There are opportunities for our leaders to demonstrate courageous leadership.”
ABOR members asked President Robbins to work with outside experts to balance the university’s budget. The board will communicate with Robbins and those experts on their progress over the next several years, said John Arnold, ABOR Executive Director. Before becoming CFO, Rulney served in a variety of financial roles including as vice president for financial services and assistant dean for finance and administration for the College of Engineering.
Just last week, another UA leader stepped down. Former Senior Vice President Paul Pastorek had been in charge of the University of Arizona Global Campus before departing. The online school is now under the leadership of Gary Packard who is overseeing both UAGC and UA’s separate online program.
Helen Rummel covers higher education for The Arizona Republic. Reach her at hrummel@azcentral.com.
This article originally appeared on Arizona Republic: UA CFO steps down as university navigates ‘financial crisis’
