Dear USF faculty and staff,
As part of last year’s annual budget planning process, university leadership began looking ahead to the development of a new budget model for One USF. Since joining USF as interim president, my listening sessions with stakeholders across our campuses have confirmed the importance of creating a new university-wide budget allocation model that positions USF for a strong future.
To lead this effort, I’m pleased to announce the appointment of Richard Sobieray as interim senior vice president for financial strategy, effective today. Mr. Sobieray will report directly to me as a member of my Cabinet.
Mr. Sobieray will continue to meet his current responsibilities as senior associate vice president and chief financial officer for USF Health, vice dean of business and finance for the Morsani College of Medicine.
In this interim appointment, Mr. Sobieray will be responsible for providing strategic leadership in finance and operations across USF’s three campuses and USF Health. This includes working with USF’s academic and administrative leadership and stakeholders to design a new value driven university-wide budget allocation model that builds on the diverse, equitable and inclusive culture at USF, including shared costs for shared services among campuses, F&A distribution, and a transparent reporting system.
He will also develop strategies to maximize financial resources and opportunities for USF, including identifying revenue sources and partnerships, debt management and cost savings. He will reinforce the culture of operational excellence in the critical areas reporting to him, including information technology, facilities, administrative services and University Police. He will serve as a primary resource and liaison to the USF Board of Trustees on financial and operational matters.
During his leadership tenure with USF Health, Mr. Sobieray has helped develop and implement a strategy to balance the USF Health budget despite over a $30M reduction in resources, including in state support; structured a cash management plan that led and continues to lead USF Health through the COVID-19 pandemic; streamlined the budget process across all of USF Health, working collaboratively with the health science colleges to implement the new process; assisted in developing the financial strategy for a clinically and/or financially integrated academic health center with Tampa General Hospital; and led the operational and financial turnaround of the faculty practice plan, growing it to a $385M operation and from an annual loss of $4M per year to a $23M surplus and a 4% operating margin. He was just named CFO of the Year by the Tampa Bay Business Journal.
Prior to joining USF Health, Mr. Sobieray was with The Ohio State University Wexner Center as associate vice president and executive director of OSU Physicians, Inc., and assistant dean of clinical affairs for The Ohio State University College of Medicine. There he led the formation of the faculty practice plan, integrating almost 90 different subspecialty medical groups under a common umbrella. In addition, he developed a new funds flow model between the hospital, college of medicine and faculty group practice that strengthened investment in the clinical, teaching and research missions.
I appreciate Mr. Sobieray’s willingness to accept this appointment and anticipate great success with his leadership.
Mr. Sobieray will work in close partnership with Nick Trivunovich, vice president of business and finance and chief financial officer, who oversees the financial, budget, and treasury operations of the university. Mr. Trivunovich will continue to report directly to me and serve as a member of my Cabinet.
I’d also like to sincerely thank Nick Setteducato for serving as interim vice president and chief operating officer for USF since July 1, 2021. We are grateful for his service to the university during this critical transition period. Mr. Setteducato will return to his role as associate vice president, resource management & analysis, effective today.
I look forward to our ongoing work together to position One USF for a bright future.
Rhea F. Law