Treasurer to retire, executive vp to assume duties

Stephen M. Grimble, University of Delaware vice president and treasurer for seven years, has announced his retirement, effective June 30. Grimble, a 1966 UD alumnus, joined the University administration in 1995 after a distinguished international career as a senior finance executive with the DuPont Co. He said he plans to pursue other ventures after retirement, including writing, public service and possibly an entrepreneurial venture. "It's been an honor and a privilege to have had the opportunity to serve my alma mater the past six-plus years," Grimble said. "I am grateful to have been with the University during what I believe will be looked upon as a 'golden era' of growth and progress under Dr. [David P.] Roselle's stewardship."

Roselle said Grimble has made several important contributions to the institution during his term as treasurer.

"Steve Grimble is a proud alumnus of the University of Delaware, and he has undertaken each and every one of his responsibilities as treasurer with the sort of energy, concern and love of the institution that his alumnus status would suggest," Roselle said.

Working with the Board of Trustees and the president, the treasurer supervises all financial operations of the University, which has an annual budget of $529.5 million and an endowment, which grew from $503 million in 1995 to $928 million in 2001.

Roselle said that under Grimble's direction, the treasurer's office performed its duties with distinction and did so while making reductions in the University's administrative costs.

Grimble led changes in the manner in which the University's endowment is managed, Roselle said, and those changes resulted in improved investment returns and additional financial support for the institution. He also presided over eight separate bond issues totaling $168 million. Some were in support of University projects, including the Delaware Biotechnology Institute and the initiative to install sprinklers in all residence halls. Others were expense-saving reissues of earlier debt.

Roselle also praised Grimble for his work as one of the University's leaders in efforts to build a hotel on campus. The facility will be constructed adjacent to the Clayton Hall conference center on the Laird Campus.

"The hotel project will result in an increase in the number of conferences held on campus, make it possible for the University to be a better host for parents and other visitors, and serve as a laboratory for students enrolled in Hotel, Restaurant and Institutional Management," Roselle said.

In addition, Roselle said Grimble was the University's "point person" in gaining all of the approvals needed for construction and financing of the University Courtyards project, which Roselle said is almost certainly the "largest urban renewal project in the history of Newark."

"Because this project involved the city of Newark, the University, a private company and the need for financing, it was complex," Roselle said. "The fact that it is now a very popular housing option for University students is in no small part due to Mr. Grimble's good efforts."

Before being named University treasurer, Grimble held various financial staff and management positions at the DuPont Co. from 1966-93. He and his wife, Eliete, live in Wilmington.

President David P. Roselle has announced that, effective July 1, Executive Vice President David E. Hollowell will have added to his current responsibilities those of the University treasurer. Accordingly, Hollowell's new title will be executive vice president and University treasurer. The former separate position of vice president and University treasurer will be eliminated.

In commenting on this change, Roselle said, "The University is in a period of no growth in financial support from the state of Delaware, and we are making efforts to absorb as much as possible of the consequent reductions in expenditures within the administrative offices of the University. In the instance of the treasurer's duties, we are very fortunate that David Hollowell has the requisite background and abilities and is willing to undertake this major addition to his already wide range of responsibilities.

"David has been a lead member of the University administrative team through all of my tenure," Roselle said, "and I am entirely confident that this reassignment will not only reduce costs, but will also ensure that all aspects of the administration of the University's finances function efficiently and well."

Hollowell came to UD in 1988 as senior vice president for administration with responsibilities for budget planning, facilities, personnel, administrative computing and dining services, among other areas. He was promoted to executive vice president in 1996, to better reflect the expanded scope of his administrative responsibilities.

During the last 14 years, Hollowell has taken a leadership role in the transformation of student services at the University, including the opening of one of the first one-stop student service facilities in the country. He also has been instrumental in oversight
of the major building and renovation program that has significantly improved the learning and living environment on the campus.

Externally, Hollowell was recognized in 1997 with the Distinguished Service Award from the Society for College and University Planning (SCUP), an international organization of more than 4,000 members devoted to all areas of higher education planning. This award recognized his service and commitment to SCUP's goals and activities. Hollowell has served SCUP in many capacities, including as president in 1994-95; as chairperson of the Strategic Planning Task Force, which produced a guide for the organization's transition into the 21st century; as a national conference chair; and as a frequent presenter and committee member.

He is the coauthor–with Margaret McDermott, assistant director of Facilities Planning and Construction at UD–of a chapter in the book Technology-Driven Planning: Principles to Practice, published by SCUP. He also wrote a chapter, "Student Services: A Broad View," in Planning for Student Services: Best Practices for the 21st Century, another SCUP publication.

Before coming to UD, Hollowell was vice president for administration at Boston University, where he earned bachelor's and master's degrees in engineering and an M.B.A. He also completed a diploma program in financial planning.