Treasurer Sharon Siegel announced Monday that she will formally step down on Friday, March 16. Siegel told the College community in early November that she would be leaving by the end of the academic year but did not specify a date. Assistant Treasurer Peter Shea will take over the role of acting treasurer until the permanent position is filled.

Siegel has received substantial praise from the administration for her work at the College. "Again and again she has shown courage, wisdom and humor in seeking to make a stronger and better College," President Tom Gerety wrote of Siegel in Monday's letter announcing her departure date. "I speak for the Board and for myself in saying that it is hard to imagine a better counselor amid the arguments that go into important decisions about the future of the College."

Regarding her departure, Siegel said that she felt it was an appropriate time. "It seemed to fit in with the rhythm of the work," she said.

During her tenure, Siegel has overseen a remarkable increase in the size of the College's endowment, which was valued at $269 million in 1990 before Siegel took over. The endowment stood at $912 million at the end of the College's last fiscal year, after garnering a 50 percent return during that year. Siegel has also been instrumental in the College's $200 million Capital Campaign, which is well ahead of schedule.

When Shea takes over the job in March, it will not be entirely new to him. Shea served as acting treasurer for a few weeks while Siegel was on leave in the fall of 1998. "I've had some exposure to it," he said.

Shea added that he did not have any plans to make immediate changes to College policies when he takes over, particularly in the role of acting treasurer. "The College is on a very good course," said Shea. "I don't see a need to make any radical changes."

As the College faces an economy slipping into potential recession, administrators may have to accept a substantially lower return on next year's endowment. While Shea acknowledged the likelihood of an economic downturn, he emphasized, "I don't think that changes the rhythm of what the College would like to do."

Shea added, however, "It's always the time to be prudent with spending."

In his letter to the community, Gerety also indicated that he will be selecting a committee to find a replacement for Siegel within the next few weeks, hoping to complete the search by the end of the year.

Shea told The Student that he would consider being included in the search.