Chatas to remain chief financial officer at Ohio State
COLUMBUS, Ohio – The Ohio State University announced today that Geoffrey Chatas will remain at the university as senior vice president and chief financial officer.
Chatas had announced in March that he would leave at the end of the spring semester to join the global investment firm QIC.
“Geoff has a deep commitment and passion for Ohio State. His continued involvement will help us move more quickly and efficiently toward the future we envision,” said Ohio State President Michael V. Drake.
“Ohio State is already a national leader on these issues, but the next five years could be transformational as we work to reduce what families pay for college while investing in academic excellence,” Drake said. “I am delighted that Geoff will help guide this work.”
Drake’s investiture set out a five-year, $400 million plan to fund affordability and excellence through new resource generation and efficiency measures.
Chatas said he wanted to remain and help lead that mission.
“Ohio State students deserve the best education, but we can’t provide that education on the back of student debt,” he said. “I want to find creative solutions to the challenges facing higher education.”
Chatas’ new contract will carry the same financial terms as his previous contract, with no increase in compensation. His base salary is $683,153.
He has implemented a number of major initiatives at Ohio State that have generated about $1 billion in resources to support the university’s core academic mission.
In 2011, Chatas and his team made Ohio State the first public university to issue century bonds. By selling $500 million in 100-year bonds, Ohio State was able to lock in low interest rates for capital improvement projects.
Under Chatas’ leadership, the university also negotiated a transaction in 2012 to free money from its parking operations to be used for academic priorities. That 50-year lease produced a $483 million payment that has been invested in the university’s endowment.
Through successful stewardship of these funds, the $483 million has grown to $555 million. The investment is also generating money each year for campus priorities. So far, $62 million has been distributed for the following purposes:
- Funding 87 full-ride Eminence Fellows Program scholarships, which attract top students from across the nation.
- Supporting the recruitment and hiring of the first wave of 40 Discovery Themes faculty members.
- Investing in the arts.
- Covering the costs of on-campus bus service.
QIC financed the 2012 Ohio State parking transaction and will maintain a relationship with the university through the life of the 50-year lease.