Craig R. Carnaroli, MBA ’90, senior executive vice president at the University of Pennsylvania, has been named Stanford University’s new senior vice president for finance and administration. His tenure will begin in September before the new academic year.
“I’m excited to be able to contribute to Stanford, a place that is very special to me,” Carnaroli said. “Stanford is not only a leader in education and research but also innovation, and it helped to lay the foundation for me as I moved forward in my career. It’s a great honor to work with President Levin and Provost Martinez, and I hope to bring my experience as a leader and my ability to bring people together to tackle issues from multiple perspectives.”
As senior vice president, Carnaroli will serve as Stanford’s chief financial officer, direct business operations, and provide guidance on a wide array of key university priorities as a member of the president’s senior leadership team.
“Craig will be an exceptional addition to the Stanford team, bringing deep experience in all aspects of university finance and administration along with a familiarity with Stanford that goes back to his days as a student at the Graduate School of Business,” said Stanford President Jonathan Levin. “He is immensely respected in the sector, deeply committed to effective operations that support the mission of teaching and research, and strongly positioned to help ensure that Stanford continues to thrive in the period ahead.”
Carnaroli succeeds Randy Livingston, who announced last fall that he would be retiring as vice president for business affairs after 24 years at Stanford. Levin appointed a committee to conduct a search for Livington’s successor, and Livingston remains in his role until Carnaroli assumes his new position.
“I am thrilled that Craig will be succeeding me at Stanford,” said Livingston. “He has been my closest colleague among Ivy+ CFOs for the past 20 years, and I expect he will make an immediate impact at Stanford.”
“I’ve admired and been a colleague of Randy Livingston for more than 20 years, and I really look forward to working with and getting to know the great team that Randy has assembled,” Carnaroli said.
A key voice
At Stanford, Carnaroli will report to the president and provost as a member of the president’s cabinet, and he will staff relevant committees of the Board of Trustees.
As chief financial officer, Carnaroli will work closely with Provost Jenny Martinez, who serves as Stanford’s chief academic officer and chief budget officer, and be a key contributor to broader budget discussions and decisions. For academic year 2024-25, Stanford has an operating budget of approximately $9.7 billion and an endowment of $37.6 billion. Carnaroli will advise on a wide range of critical issues, including the impact of federal policies, support for AI-related projects, the future of athletics, and the renovation and construction of new buildings.
“I am looking forward to working with Craig, and I am excited to see how his deep expertise and collaborative style can help advance the effectiveness of Stanford and our mission,” Martinez said.
Carnaroli will also be an important voice on how to improve administrative efficiency, a key priority for the president and provost this year, as part of the university’s simplification initiative. He is expected to help build collaborative relationships with a broad range of stakeholders and support the modernization of business systems and use of emerging technologies like AI.
“Everything we do has to be done through the lens of the university’s core missions of education and research,” Carnaroli said. “Innovation is a hallmark of Stanford, and we must also ensure that the innovative culture that supports faculty and student inquiry is maintained.”
“We need to stay forward-looking,” he added. “The challenges ahead will require change, and it’s important that we lean into Stanford’s collaborative culture as we navigate what lies ahead. I look forward to working with school-based administrative leadership as we evaluate further ways to streamline and drive operational efficiency.”
As senior vice president, Carnaroli will direct the business operations and most administrative functions of the university, including oversight of six administrative organizations that together employ approximately 1,100 staff: Financial Management Services; University IT; Office of Research Administration; Improvement, Analytics, and Innovation Services; Office of the Chief Risk Officer; and Office of the CFO.
University Human Resources will join this organization, and the vice president for human resources will report to Carnaroli. The shift is intended to support coordinated administrative support for the university’s teaching and research mission.
A new chapter
For more than 20 years, Carnaroli shaped the financial strength and operational efficiency of Penn, an Ivy League research university that includes a world-renowned academic medical center and operates with a $15.6 billion budget and a $22.4 billion endowment as of June 2024.
As senior executive vice president, Carnaroli served as Penn’s chief financial and administrative officer, reporting to the president. During his tenure, he has led a variety of initiatives, including expanding financial aid, improving Penn’s long-term credit rating, implementing a carbon reduction strategy, launching new housing and financing initiatives, and redesigning systems and processes to boost productivity and accountability.
“At Penn, we made financial aid a top priority, recognizing that attracting the most talented students requires a strong commitment to affordability and a process that’s clear and accessible for families,” Carnaroli said.
Before being named Penn’s senior executive vice president in 2021, Carnaroli served as executive vice president from 2004 to 2021 and as vice president of finance and treasurer from 2000 to 2004. Previously, he was a director, municipal securities division, for Merrill Lynch.
Carnaroli earned his Bachelor of Science in economics, cum laude, from Penn’s Wharton School of Business in 1985 and his Master of Business Administration from Stanford Graduate School of Business in 1990.
“What’s clear is how excited people are for this chapter with President Levin and it’s great to see such positive energy,” Carnaroli said. “I’m very excited to return to Northern California and to reconnect with friends and colleagues. It’s bittersweet, as Penn is a very special place to me. But I feel I’ve made a meaningful contribution there, and I’m ready for the next chapter and to lend my expertise to support Stanford’s mission and priorities.”