"I have accepted Tim's decision with regret. He is a talented and valuable member of the Grand Valley team and will be greatly missed," Haas said.
Schad advised Grand Valley's Board of Trustees last spring of his intention to return to the private sector, but offered to delay his departure until a new president had been appointed and a transition plan developed. When Schad was appointed to his position in early 2001, he told then-President Arend D. Lubbers that he expected to remain for at least five years; that timeframe has now been exceeded.
"I love the university and have developed many wonderful friendships here, and I will miss my colleagues very much. But this is a good time for me to make the return to private life. The campus, and its finances, are in great shape and, in President Haas, we have a highly qualified leader for the future," Schad said.
During Schad's tenure the university's endowment grew, earnings on investments hit a new record, campus facilities were judged to be among the best in the nation, and Grand Valley's varsity athletic teams won a record number of national championships. When asked about these accomplishments, Schad said: "I am most proud of the significant improvements in diversity and intercultural awareness in the Finance and Administration Division in the past five years. We have also made great strides in sustainability through reduced energy consumption and improved environmental stewardship."
Schad is a Grand Rapids native and a graduate of Creston High School. He earned two degrees from Dartmouth University and a master's of business administration degree from Harvard University. He teaches annually in Harvard's executive management program. He joined Grand Valley after service in the treasurer's office of General Motors Corporation in New York, and as chairman, president and CEO of NuCraft Furniture Company. In the 1990s, he served on the governing boards of Kendall College and Ferris State University
President Haas said he will initiate the search for Schad's replacement immediately. Information on the search will be released later.
Tim Schad, left, vice president for Finance and Administration, walks with President Thomas J. Haas. Schad announced his retirement, effective November 15 / Photo by Courtney Newbauer
