Pa. student loan chief announces retirement
HARRISBURG — The head of Pennsylvania's student loan agency, which has been criticized by Gov. Ed Rendell and state lawmakers over its spending practices this year, said Tuesday he plans to retire at the end of this year.
Dick Willey, 61, president and chief executive officer of the Pennsylvania Higher Education Assistance Agency since 2002, announced his plans to retire effective Dec. 31 in a letter to state Rep. Bill Adolph, R-Delaware, chairman of the agency's governing board.
Willey said the timing of his departure was related to his intention to serve as the agency's leader for five years and to fulfill his goal of taking it to the "next level" by improving its earnings growth and efficiency, among other things.
"Today, we have achieved extraordinary success by any measure, be it earnings growth, operational efficiency, or the $200 million annual public service gift we provide to Pennsylvania students and families each year," Willey said.
Willey's base salary is $289,000, and he was paid a $181,000 bonus last month.
Adolph declined to comment Tuesday, saying he had not read Willey's letter and that Willey planned to make the announcement in person during the board's monthly meeting Thursday.
The board's vice chairman, Sean Logan, said the board would form a special committee to work with an executive recruiting firm on a national search for Willey's successor.
The board hopes to name a replacement before the end of the year "but if we have to go over (to next year) to find the right person, we'll certainly do that," said Logan, D-Allegheny.
Willey's announcement comes as Rendell and some lawmakers have been calling for changes to the way PHEAA does business, saying the agency should spend more of its own money on college financial-aid programs. The governor has criticized PHEAA's spending on perks and executive bonuses.