Kevin Hegarty, the University of Michigan’s executive vice president and chief financial officer, has announced he will retire from his position at the end of April. He has served in the role since 2015.
In a message to the nearly 3,000 university employees who are part of the business, finance, and facilities and operations teams that report to him, Hegarty said he would be moving back to Austin, Texas, to be close to family.
“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 to his staff.
“The world has changed in so many ways and your work has changed U-M for the better. The culture change movement we have started has grown deep and now I challenge you to ensure it continues. I am so proud of what we have accomplished together. No matter where I am, I will always be on the sidelines cheering you on.”
President Mark Schlissel said Hegarty’s departure follows six years of outstanding leadership during a transformative time for the university.
“U-M has grown in impact in recent years as the society we serve has become more complex, and Kevin has worked tirelessly to advance our public mission and recognize the tremendous accomplishments of our staff. We are a better university as a result,” Schlissel said.
“Kevin has worked to promote an organizational culture that is positive and inclusive, by honoring staff contributions, fostering teamwork and enhancing channels to empower employees to create change. His contributions have positioned U-M to uphold all parts of our mission during the challenges of the COVID-19 pandemic and ensure that we will remain a great public university for generations to come.”
The president said Hegarty will be leaving U-M in a sound financial position.
Schlissel said the Business and Finance teams that Hegarty leads have “created new wellness programs, special COVID-19 time-off banks and support resources for employees.” He said those same teams “helped us through snowstorms, completed major building projects, made our workplaces safer and much, much more.”
In addition, they have helped the university maintain the highest financial rating, kept its borrowing costs low and enabled it to invest in important new building projects, he said.
The president said he would work closely with Hegarty and others to ensure a smooth transition, and that there would be more to share in the weeks ahead about a process to identify a new chief financial officer.
In a message to the Board of Regents, Hegarty said that throughout his 42-year professional career, he had one overarching goal for each organization he has served: “Leave it in some way better than I found it.
“I am pleased to let you know as I depart, the university has never been financially stronger and the leadership in the Business and Finance portfolio has never been more capable to provide excellent continued service to you and the university.”
Hegarty came to U-M in 2015 from the University of Texas-Austin where for 14 years he had a similar role as vice president and chief financial officer. Prior to his career in higher education, Hegarty had financial leadership positions in the private sector, including with Dell Inc., Associates First Capital, Trammell Crow Co. and PricewaterhouseCoopers.