Friday, January 17, 2014 - 16:00

Seasoned Financial Professional Named Vice President for Administration and Finance/ Treasurer

CFO McCarthy to Retire as Assumption Reports Nearly $100 Million Endowment and Adequate Cash Reserves

Assumption College President Francesco Cesareo, Ph.D., announced on Jan. 17, 2014, the appointment of Peter Wells as vice president for administration and finance/treasurer, effective June 1. In this position, Wells, a certified public accountant, will oversee the College's financial functions, including accounting, treasuring, investments, budgeting and audits. He will have oversight of the annual operating budget, the endowment, and have operating responsibility for the departments of Buildings and Grounds, Campus Police, Human Resources and Administrative Services.

"As the College's director of finance since 2012 and years of senior financial leadership with the American Red Cross, Peter is well-prepared to assume his new duties to provide College leadership with sound financial advisement," said Cesareo. "Peter's market acumen and familiarity with the financial operations of the College will serve Assumption well."
      
Since July 2012, Wells has served as the College's director of finance. Prior to joining Assumption, Wells was chief financial officer and director of administration and finance for the American Red Cross in Worcester. His previous positions include chief accountant for the city of Worcester and manager at Nolan, Calcasola & Company CPAs. Wells earned a Bachelor of Science degree in business administration from Worcester State University and an MBA from Nichols College. He is a past finance committee member for the now-former Higgins Armory Museum in Worcester.

"This new position provides an exciting opportunity to continue serving the financial needs of the College as we position Assumption for the future," said Wells. "I am grateful to President Cesareo for the confidence he has demonstrated in my skills and to my friend, Chris McCarthy, with whom I have had the pleasure of working. I look forward to working with the Assumption community and advancing the mission of the College."

Wells' appointment comes on the heels of current Executive Vice President and Chief Financial Officer Christian McCarthy’s decision to retire in May.

"The College is grateful to Chris McCarthy for his expertise and commitment to the continued growth of Assumption throughout his nine years of exemplary service," said Cesareo. "He has been instrumental in strengthening the financial stability of the institution, especially during the 2008-2009 economic downturn, positioning the College well for the future. On behalf of the Assumption community, I would like to express our sincere gratitude for his leadership and wish him the very best in his retirement."

McCarthy was appointed CFO in February 2005 and has since provided trusted guidance with regard to the financial affairs of the College. In its most recent financial summary, the College reported nearly $100 million in endowments, $19 million in cash reserves, and a very low debt to endowment ratio. Through McCarthy's stewardship and aggressive outreach by the College's Department for Institutional Advancement, Assumption is financially well positioned so that it may continue providing a classic liberal arts education for many generations of students.

"Having worked in New York with some of the nation's premiere financial institutions, my tenure at Assumption has been a great personal and professional experience," said McCarthy. "I am pleased to retire from Assumption confident that the College is financially well positioned and will benefit from Peter’s years of experience and leadership. I offer my personal thanks to President Cesareo and the wonderful staff of the College with whom I have had the pleasure of serving as we promoted the excellence of an Assumption education."
 

MEDIA CONTACT: Lorraine U. Martinelle Director of Media Relations Assumption College lu.martinelle@assumption.edu @lumartinelle | @AssumptionNews www.assumption.edu