The Daily Tar Heel
Printing news. Raising hell. Since 1893.
Monday, Feb. 26, 2024 Newsletters Latest print issue

We keep you informed.

Help us keep going. Donate Today.
The Daily Tar Heel

UNC announces new vice chancellor for finance and administration


Karol Kain Gray was recommended by Chancellor Holden Thorp to be the next vice chancellor for finance.

After months of interviews and closed-door meetings, Chancellor Holden Thorp has recommended Karol Gray be named the next vice chancellor for finance and administration.

Gray would be the second consecutive vice chancellor for finance from Stony Brook University, pending the Board of Trustees’ approval at its September meeting.

Gray was selected from a pool of three other finalists whose names were not released by the University.

Gray worked under current Vice Chancellor for Finance Dick Mann at Stony Brook. When Mann accepted the position at UNC, Gray took over his post.

The projected first-year compensation for the University’s top finance position is $240,000, according to a contract by Witt/Kieffer, the firm hired by the university to help with the search.

“She knows how to handle budget situations, which is key for us right now,” Mann said. “In many respects, she’s had to deal with bigger budget problems because New York State is not as friendly to higher education as North Carolina is.”

As UNC’s vice chancellor for finance, Gray would oversee the University’s operating budget — which was more than $2.4 billion in fiscal year 2009-10.

She would oversee the University’s financial planning and budgeting in addition to planning the facilities and construction projects.

“She brings more than three decades of experience at a distinguished public university to Carolina at a time when we face major budget challenges and changes to how we run the campus,” Thorp said in a press release.

The search committee, chaired by former UNC-system Vice President for Finance Bill McCoy, began reviewing applications May 15. The University signed a contract with Witt/Kieffer promising it a minimum of $65,000 for its assistance in the process.

In the contract, Witt/Kieffer agreed to assess the University’s needs, screen candidates and conduct background investigations on the finalists.

Mann, who announced his retirement in January, has been at UNC since 2006. He said he plans to continue his work at the University until the new vice chancellor for finance takes charge Dec. 1.

Gray has served 33 years in financial management positions at Stony Brook. Earlier this year, she was named one of Long Island’s 50 most influential women in business by Long Island Business News. She received a bachelor’s degree from Hofstra University.

Contact the University Editor


To get the day's news and headlines in your inbox each morning, sign up for our email newsletters.