Kevin Hegarty, University of Michigan chief financial officer and executive vice president, will be stepping down from his position and retiring in late April after six years at the University. Hegarty plans to move back to Austin, Texas, to be closer to family, according to the University Record.

Hegarty's retirement completes a 42-year long career, which included working in financial roles at the University of Michigan and the University of Texas at Austin, as well as in the private sector.

In an email to University employees Tuesday morning, University President Mark Schlissel wrote that he and the University’s administration will work with Hegarty to create a smooth transition and find a new CFO. Schlissel plans to share further in the coming months about who will succeed Hegarty.

Schlissel also commended the work Hegarty has contributed to during his tenure, applauding Hegarty for creating COVID-19 time-off banks and wellness programs for University faculty and staff. Schlissel added that Hegarty leaves the University in a secure financial situation. 

“U-M’s financial position is sound, with an endowment that supports programs, scholarships and jobs across the university,” Schlissel wrote. “We maintain the highest financial rating and enjoy access to the debt markets under favorable terms due in no small part to Kevin’s expertise.” 

In April, the University instituted a hiring freeze due to economic concerns created by the COVID-19 pandemic, estimating financial losses between $400 million and $1 billion. Despite budget deficits at the state level due to the pandemic, state funding for the University has remained stable. The University also approved a 1.9% tuition increase in June, amove that was met with considerable pushback from students.

According to the University Record, Hegarty sent an email Tuesday afternoon to the nearly 3,000 employees who work under him to announce his retirement. Hegarty wrote that “the university has never been financially stronger, and the (finance) leadership… has never been more capable to provide excellent continued service to you and the university.”

“My departing wish is that you will continue the journey we have begun together to develop positive leaders and build a positive work environment,” Hegarty wrote.

Daily Staff Reporter Christian Juliano can be reached at   

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