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CHEFA director named to UConn's top finance post

by Karen A. Grava - August 25, 2008

Richard Gray, executive director of the Connecticut Health and Educational Facilities Authority (CHEFA), has been appointed UConn’s vice president and chief financial officer. He will join the University on Aug. 29.

Gray, a 1972 graduate of UConn who also holds a master’s of business administration from the University of New Haven, will serve as the University’s chief financial officer for both the Storrs-based and the Health Center programs. He succeeds Lorraine M. Aronson.

“This appointment is central to UConn’s ability to manage its finances,” said University President Michael J. Hogan in announcing the appointment.

“Mr. Gray is a highly skilled professional, with a comprehensive background in commercial finance, health care finance, and public finance, who understands how higher education and Connecticut government work.”

The VP-CFO reports directly to the president and is also responsible for developing financial policy and serving as a point of contact for external agencies and partners on financial matters.

Gray has been the executive director of CHEFA for the past 12 years and has had a 36-year career in public finance, commercial lending, health care financial management, and banking.

CHEFA provides Connecticut’s non-profit institutions – including institutions of higher education, hospitals, independent schools, child care providers, cultural institutions, and human service providers – with low-cost financing in the public municipal markets. Formed in 1965, CHEFA has more than $6.3 billion in bonds outstanding.

“I am honored to be given the opportunity to join President Hogan’s administrative team,” says Gray.

“I look forward with great anticipation and enthusiasm to serving at one of the country’s premiere public institutions of higher education.”

Richard Gray, the University’s new chief financial officer, outside Gulley Hall.
Richard Gray, the University’s new chief financial officer, outside Gulley Hall.
Photo by Sean Flynn

Gray has accepted several gubernatorial assignments, including completion of the financial analysis and reorganization of the Connecticut Resources Recovery Authority in the wake of the Enron bankruptcy and the development of the successful legislative proposal on Adriaen’s Landing and Rentschler Field.

He also served as a member of the Governor’s Task Force on the Future of Connecticut Hospitals.

A member of the Board of Directors of the Connecticut Forum and the Connecticut Council for Philanthropy, he has also been involved with the Connecticut Science Center under construction in Hartford, respectively serving as chair, treasurer, and secretary of these organizations.

Gray’s appointment follows a national search to find a successor to Aronson, who is retiring after 13 years of service to the University, including eight as vice president. She also served in state posts under Govs. William A. O’Neill, Lowell P. Weicker Jr., and John G. Rowland.

Aronson will remain at UConn in an advisory capacity.

“Ms. Aronson has been a tremendous resource for me throughout my first year as president,” says Hogan, “I’m pleased we will continue to have her advice and expertise on hand as Mr. Gray transitions to UConn.”

Gray resides in Cheshire with his wife Dianne. They met in 1971 while attending UConn.

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