February 4, 2019

ARCHDIOCESE OF PHILADELPHIA ANNOUNCES UPCOMING TRANSITION IN THE OFFICE OF THE CHIEF FINANCIAL OFFICER

Archdiocesan Chief Financial Officer, Tim O’Shaughnessy, has announced his intention to consider and pursue other career opportunities; a search has been launched to identify his successor.

Recently, Archbishop Charles J. Chaput, O.F.M. Cap. shared the message below with Archdiocesan clergy and lay employees as well as donors and other stakeholder groups.

Today, the Archdiocese of Philadelphia is publicly announcing that its current Chief Financial Officer, Tim O’Shaughnessy, will be departing to consider and pursue other career opportunities at the end of April.

The Archdiocese hired Heidrick & Struggles to perform a search to identify his successor.

Message from Archbishop Chaput Regarding Upcoming Transition in the Office of the Chief Financial Officer

Dear Friends in Christ,

I’m writing to share information about an upcoming change in Archdiocesan leadership. Back in September, our Chief Financial Officer, Tim O’Shaughnessy came to see me. At that time, Tim indicated he wanted to resign his position so that he could consider and pursue different career opportunities. During that gathering we both agreed to keep his plans confidential until after the New Year.

Tim joined the Archdiocese as our CFO in April of 2012 and has been a valuable asset to the senior administration of our local Church. During Tim’s tenure as CFO, he accomplished the following

provided key oversight for financial and fundraising activities for the World Meeting of Families festival and visit by Pope Francis in 2015 – these events were managed on a breakeven basis for the Archdiocese with total costs exceeding $50M of which more than $45M was fundraised;

structured a transaction whereby Archdiocesan entities participated in an inter-entity credit facility allowing for all external debt ($113.5 million) to be retired;

played a lead role in all major transactions, including: sale of the former Cardinal’s residence (to Saint Joseph’s University for $10 million); sale of nursing homes (to Center Management for $145 million); outsourcing of cemeteries’ management via a long-term lease agreement (with StoneMor resulting in a $53 million up front lease payment);

improved financial disclosure and transparency for the Archdiocese via publishing of audited financial statements for all major entities commencing with the fiscal year ended June 30, 2012;

immediately stabilized a massive ($17.6 million) recurring operating deficit incurred during the fiscal year ended June 30, 2012 and steadily improved results culminating in an operating surplus for the fiscal year ended June 30, 2018; and

led efforts to improve underfunded balance sheet obligations by more than $270 million during that same period.

I’m ever grateful to Tim for his professionalism, dedication, perseverance, and for maintaining a sense of calm under often difficult circumstances. Thanks to his efforts, much has been done to stabilize and improve the fiscal foundation of our Archdiocese. He will be sorely missed.

Tim has targeted April 30th as his final day with us. Until that time, he will maintain all of his normal duties and responsibilities. The process to find a successor is already underway and we will seek to find the best qualified candidate for this position, which is vital to the health of our church.

Please join in me expressing sincere gratitude to Tim for all of his work and in praying that he, his wife, Marianne, and their family will be blessed abundantly with peace and joy.

Sincerely in Christ,

Most Reverend Charles J. Chaput, O.F.M. Cap.

Archbishop of Philadelphia

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 Editor’s Note: Qualified applicants can learn more about the search process for the next Chief Financial Officer of the Archdiocese of Philadelphia by emailing archphilacfo@heidrick.com.

 

Contact:

Contact: Kenneth A. Gavin
Chief Communications Officer
215-587-3747 (office)