Last Wednesday, S. Davis Carniglia, the second of the four final candidates for the position of Treasurer, arrived on campus for a public interview with Amherst students, faculty and staff. 

Approximately 25 staff members and professors were in attendance and asked questions about a vast array of subjects, ranging from the use of information technology in higher education to adjusting to the cold New England weather.

Carniglia, senior advisor to AMB Property Corporation and AMB Investment Management, L.P. of San Francisco and a California native, received a B.A. in economics from Pomona College and a J.D. from the University of California, Hastings College of Law. Although he is new to academia, he emphasized that he has a strong background in finance and consulting. 

After completing college, Carniglia began work as an accountant and eventually started his own investment practice working in venture capital, leveraged buyouts and private investments.  He went on to work at an institutional investment firm where he specialized in real estate and securities investing, eventually retiring in 1997.

Following his retirement, Carniglia became a deputy fire chief with a local volunteer fire department. In addition, he taught several courses on finance at the University of California at Berkeley's Graduate School of Business and at law schools in the San Francisco Bay area as a visiting professor.

Carniglia said he decided to come out off retirement because he was drawn to a "position that is driven by issues and not by money."

"There have been a lot of opportunities in the business world, but this is the first thing that has got me excited," he said. 

He emphasized his interest in finding a community based on education and enrichment, and not based on the acquisition of money. 

"In this community, education is the source of the economy. Everyone here is either directly involved in education or is supporting the people directly involved in education," Carniglia said. 

Carniglia also discussed his knowledge of finance. He explained that much of Amherst's endowment is invested in the private market; his previous experience in the private market will be beneficial to Amherst.

Carniglia hopes to work with the current staff to manage and increase the endowment, a priority that he feels is central to Amherst's continued position as a top liberal arts college.  "The previous treasurer has left the school in terrific shape. I think it is necessary to think in terms of staying at the top," he said.

Finally, Carniglia explained that he will be able to adopt to the academic environment and work well with his colleagues, despite his corporate training. He emphasized that his corporate training would be extremely useful as a tool in coordinating investment decisions.

"I believe in supporting my staff in growing and learning so they can advance as they wish. I have prided myself in developing my staff wherever I've been," he said.  

Peter Shea

The Treasurer Search Committee invited members of the College community to meet its third candidate for the position of Treasurer, Peter Shea, in the Campus Center Frontroom last Friday. Shea is the College's associate treasurer and director of budget and is currently serving as acting Treasurer.

He received a Bachelor of Business Administration from the University of Massachusetts and continued his studies there to earn a Master of Science in business administration/accounting.

In addition to investing the College's money, the treasurer also monitors other College departments, including the Comptroller's office, physical plant and housing, according to Shea. He fielded questions from the 20 faculty and staff members present.

College Librarian Willis Bridegam asked Shea about his philosophy on taking risks with investing strategies. "The endowment needs to be well balanced. We can take risks in smaller areas, but in general I think it needs to be somewhat risk averse," said Shea.

Director of Information Technology Philip Fitz asked Shea about the treasurer's role in helping the College with future challenges. "I think the major challenge in the next few years will be managing the construction and doing it in such a way so the campus experience is least impacted. Financing it will be a big part of my duty," said Shea.

Director of Admission Katie Fretwell asked Shea about what sorts of hard decisions he has been forced to make in his current position as budget director. "It's difficult to tell people what we can and cannot afford. I have to say no and explain why at this point the thing they're asking for isn't possible, but it's hard to make people feel good about being told no," he said.

In response to a question about Shea's level of comfort with the public aspect on the job, Shea replied, "I'm comfortable with the more formal presentations to an extent. I really enjoy the more informal conversations."

Bridegam asked Shea about the advantages and disadvantages of the Five College Consortium. "The advantage is that all of the constituencies have the ability to learn from each other," said Shea. "The disadvantage is sometimes that we are regarded as the most stable of the institutions on the financial side and they look to us in ways they are not looking at others."

Fretwell asked Shea how the College is distinct in managing its finances. "Amherst has the resources to plan better, so we do things somewhat differently. It's not that other institutions don't want to plan but they don't have the resources we have," he said.

Shea next responded to a question about the financial aspect of the plans to hire new faculty members. "This doesn't make me anxious because of what we've done and the increase in the endowment," he said. "We've done projections with the new faculty members, the new dorms and new staff positions. We always look at what is sustainable and we've planned well."

Shea grew up in Holyoke and has lived in Amherst since he started school at UMass in 1970.