The University of Pennsylvania’s long-time financial leader is leaving the school for a similar position at Stanford University.

Craig Carnaroli, senior executive vice president, has been a core member of the leadership team at Penn for 25 years and his departure comes at a critical time for Penn, as it faces the potential loss of hundreds of millions in federal funds and the possibility of additional costs from an endowment tax hike.

Penn President J. Larry Jameson announced Carnaroli’s impending departure to the leadership team Tuesday morning, noting he is Penn’s longest serving executive vice president, who adeptly steered the school through the 2008 financial crisis and the pandemic.

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“We want to acknowledge all he has done to help shape the Penn we know today,” Jameson said.

Carnaroli, a 1985 Wharton graduate, will begin his role as senior vice president for finance and administration at Stanford, where he got his MBA, in September.

At Penn, Carnaroli serves as the Ivy League university’s chief financial and administrative officer. His vast areas of oversight include: audit, compliance and privacy; budget planning and analysis; business services; facilities and real estate services; finance; human resources; investments; information systems and computing; and public safety.

Carnaroli earned about $1.6 million in total compensation in 2023, according to Penn’s most recent 990 tax form that is publicly available. He has worked at Penn since 2000, his first four years as vice president of finance and treasurer, then executive vice president and finally senior executive vice president in 2021.

Jameson noted the highlights of Carnaroli’s tenure from the time he arrived at Penn and helped resolve the health system’s financial difficulties. Under Carnaroli, Penn’s endowment has grown to $22.3 billion and, Jameson said, the school has charted 20 years of budget surpluses.

Carnaroli worked with former Penn President Amy Gutmann on the school’s all-grant, no loan financial aid policy for undergraduates, dramatically reducing debt that students face after graduation.

He helped shape Penn’s master plan, which included adding 8.5 million square feet of additional space to the campus, new buildings including the Lauder and Gutmann residential houses and Perry World House and multiple renovation projects, Jameson said.

“Craig also played a critical role in the real estate expansion of the campus including the final acquisition of the US Postal Service properties in 2007,” Jameson said. “This historic acquisition has transformed the campus’ eastern gateway, including one of Craig’s favorite places on campus, Penn Park.”