After more than 30 years of service to Western University of Health Sciences, Kevin D. Shaw, Senior Vice President for Finance, Chief Financial Officer and Treasurer, has announced his retirement.
Shaw started at WesternU in 1990 and was appointed CFO in 2003. His last day as CFO will be April 2, 2021, though he will stay on as advisor to assist in the transition. WesternU Vice President for Finance Joshua McFarlen will serve as Interim CFO.
As CFO and Treasurer, Shaw’s responsibilities include financial reporting, budget administration, unrestricted fund cash and investment management, banking relationships, administration of revenue streams and disbursement/expenditure processes, application of effective financial internal controls, student financial aid counseling and processing, coordinating efforts provided by the engaged internal audit/risk management consultants, provision of student books and publications at WesternU Bookstores, risk management, and providing purchasing and receiving services to faculty and staff.
“WesternU has been dear to my professional heart for 31 years,” Shaw said. “I take great pride in having served the Board of Trustees, two visionary and very inspiring presidents, as well as thousands of students. I could not have done it without the incredible support of my direct reports and many colleagues who both challenged and supported me over the years.”
During his tenure as CFO, the University experienced tremendous growth. Though WesternU is not wealthy, the endowment rose some seven-fold from $7 million to $50 million. Total assets grew from $94 million to $406 million. Total net assets grew from $26 million to $193 million. Total investments increased from $19 million to $230 million. In the last five years alone, net endowment assets have doubled, net assets without donor restrictions have increased by 88 percent, and total investments are up 75 percent. Shaw helped greatly to expand the campus footprint and launch four new colleges and helped open the medical school and the new College of Health Sciences in Lebanon, Oregon. In addition, he was pivotal in elevating our Moody’s Investor Services indicative institutional rating two levels, to A3.
“Being part of the phenomenal growth of WesternU fills me with immense pride. I feel fortunate to have been part of this great institution with such a noble mission,” Shaw said. “It is vital that I express gratitude in being a part of this University and my sincere hope and confidence in its continued success. My decision to retire is a personal one in which I look forward to spending more time with my wife, family, and friends.”
“I want to thank Kevin for his extraordinary leadership over many, many years. His fiscal stewardship has guided steady growth with financial foresight that has us in a remarkable financial position and well positioned for sustained success in the future,” said WesternU President Daniel R. Wilson, MD, PhD.