Michael Valdes, 49, has been named the new Chief Financial Officer for Eastern Michigan University pending approval of the Board of Regents.
Valdes replaces John Lumm who had served as EMU’s CFO since 2008.
The CFO’s primary responsibility is to provide budget management, monitor liquidity positions, exercise executive control over University budgets and safeguard all asset of the University. EMU’s 2013 annual operating revenue was approximately $227 million with an additional $100 million of non-operation revenue. Its 2013 expense budget was $332 million with assets of $583 million. EMU has over 2,500 full-time and part-time employees.
Valdes has served as Grand Rapids based Agility Health Inc. CFO since 2010. He has previously worked for the University of Michigan Health Centers in several leadership roles, including chief administration officer from 2006 – 2010.
Eastern Michigan University President Susan Martin said in a press release, “I am delighted to welcome Michael as a key addition to the Eastern Michigan University leadership team. He brings a great deal of experience to Eastern as we continue to focus on effective and sound financial management while keeping the cost of a higher education affordable for our students.”
Valdes earned an MBA from University of Michigan’s Ross School of Business and received his BBA from the University of Toledo.
Valdes currently lives in Brighton Michigan. He and his wife, Julie, have three sons.
Valdes’ annual EMU salary will be $225,000, and he will be eligible for up to a 10 percent annual bonus. According to Geoff Larcom, Executive Director for Media Relations at EMU, his bonus will be based on performance criteria that will be established each fiscal year.
“It is a tremendous honor to be named Chief Financial Officer for Eastern Michigan University, and join its leadership team,” Valdes said. “I look forward to working with President Martin, the Board of Regents, and all faculty and staff to continue to build a strong and sustainable future for the University and its students.”
