On April 8, Head of School Dr. Alex Curtis notified Choate’s faculty and staff of Mr. Patrick Durbin’s appointment as the School’s next Chief Financial Of- ficer (CFO), effective July 1.
Mr. Durbin currently serves as the Senior Associate Dean for Finance and Administration and Chief Financial Officer at the Georgetown College of Arts and Sciences, the largest academic unit at Georgetown University. There, he provides strategic management and oversight pertaining to the finances of the university, which include budget, human resources and staffing, and systems infrastructure.
The position of CFO at Choate entails similar duties. The current CFO of the School, Mr. Rick Saltz, ensures that the School has sufficient resources to fulfill its mission to provide the highest quality education for high school students. This includes managing the financial resources to hire and pay faculty and staff; provide students access to food, sports, and extracurricular activities; construct and renovate buildings; maintain facilities and grounds; and manage tuition, financial aid, and support such as the Beyond the Classroom fund.
Having worked at Choate since September 2006, Mr. Saltz expressed his desire to retire from his position in October 2017. He started working part-time on the construction management of Colony Hall in July 2018. He returned to his previous position after his replacement, Mr. Walt Schaeffler, left Choate in June 2019.
Mr. Saltz said that the decision to return was relatively easy, as he enjoys working at the School and supports its mission. Now, leaving the position he has held for years, Mr. Saltz is looking forward to what the next stage in life will bring him, as well as seeing the character, experience, and skill Mr. Durbin will bring to the administrative position.
“I know Choate will be in good hands,” Mr. Saltz said. “Mr. Durbin is an intelligent and experienced financial professional. I am sure he will learn Choate’s culture and processes quickly. I am equally sure Choate will benefit from his experiences and knowledge.”
Mr. Saltz is not the only one leaving a long-held position and anticipating a new phase in his career. Having not only graduated from Georgetown University but also devoted 20 years of his career to his alma mater, Mr. Durbin — along with his wife and four children — is excited to join the Choate community.
Mr. Durbin was especially attracted by Choate’s mission to shape leaders, provide top-quality education, and make learning accessible. He interprets the responsibilities of his position as “ensuring that all the things students and families love about Choate continue to grow and thrive. The amazing faculty, the engaging extra-curricular activities, the remarkable facilities, and, importantly, the financial aid make this education possible for so many of our students.”
Mr. Durbin also understands that the unprecedented situation of a pandemic will make relocation challenging, but he is determined to serve the community as a colleague, neighbor, and financial administrator. Mr. Saltz will be available for Mr. Durbin to reach out for help and ask questions to ensure a smooth passing of the torch.
Although recent stay-at-home orders derailed Mr. Durbin’s scheduled visits to campus this spring, he is engaged virtually. According to Dr. Curtis, Mr. Durbin is in a training process that will ensure an easy execution of his duties once everyone is back on campus (though it remains unclear when, exactly, that will be).
The new CFO will work to make sure Choate continues to be financially viable to fulfill its mission. Mr. Saltz said, “My job, and one that Mr. Durbin will continue, is to make sure [the fulfillment of Choate’s mission] happens with the appropriate level of financial resources, risk tolerance, personnel, facilities, technology, and student engagement.”
Given the current pandemic, both Dr. Curtis and Mr. Saltz emphasized the importance of risk tolerance. It is crucial, they said, for the School to be financially prepared for a variety of situations, whether that be the ongoing pandemic or a deepening economic crisis that may unfold in its wake.
