To My Associates, Colleagues and Friends in the Stevens Community,

When President Hal Raveché brought me on board here in February 2005,  the mission that I was assigned was to work with the executive team in improving the financials of the Institute, and communication about financial issues within the community, and between Stevens and the financial and rating agencies.  With the active involvement of the Provost and University Vice President, and the rest of the executive team, as well as an outstanding financial team, I am very proud to report that we have closed the financial year ending in June 2007 in a timely fashion.  The Audited Financials soon to be completed illustrate that the financials have been strengthened.    Both Standard and Poor’s and Moody’s have reaffirmed the stability of our bond rating soundly for each of the past three years.  We also successfully restructured our debt, resulting in decreased debt service.  While there is still much to do, I have taken us as far as I can in improving our financial standing within the scope of my original three-year commitment.  I have therefore decided to leave Stevens in February, with the intention of bringing important balance back into my life.   However, I have promised the President and Provost to remain available as needed to facilitate a transition.

I have made many friends here, and it is a pleasure and a privilege to work with each of you.     I’ve been astounded by the degree of enthusiasm and dedication I have encountered among all members of the community: professors, administrators, students, alumni and trustees.  Having been at larger institutions in the past, I think it’s safe to say that a smaller, unique place like Stevens generates a more powerful sense of ownership and loyalty.  The energy here is infectious and powerful, and potential for continued growth remains great.  I believe that our financial systems are greatly improved, and will serve Stevens well in support of its strategy and goals.  It has been an honor for me to work with all of you and I am confident that the foundation that has been collectively established will continue to serve Stevens well.

                                                                                            With warmest regards,