Rebecca Rhynhart, a ’93 graduate of Abington High School, has been named Drexel University’s new Senior Vice President for Finance, Chief Financial Officer (CFO) and Deputy Treasurer effective October 2.
Rhynhart succeeds David Rusenko, who retired from Drexel in April 2023.
Rhynhart resigned from her previous post as City Controller to run for Philadelphia Mayor in October. She came in second with about 23% of the vote — nearly 10 percentage points behind victor Cherelle Parker.
From Drexel’s announcement:
With over 20 years of experience in finance and administration, Rebecca began her career on Wall Street before moving back to Philadelphia during the 2008 recession to work in Mayor Nutter’s administration from 2008 until 2015, first as City Treasurer and then as Budget Director. During her tenure, the city not only recovered from the economic downturn, but also achieved its highest bond rating in over 30 years. She then served as Chief Administrative Officer of the city in 2016, overseeing 11 city departments and functions with over 1,000 employees. Most recently, Rebecca served as Controller for the City of Philadelphia, becoming the first woman elected to that position in 2017. And as many of you may know, Rebecca vacated that position in 2022 to run for mayor in the Democratic primary held this past spring. She remains active in civic life, serving on the local boards of Mural Arts Advocates and the Schuylkill River Development Corporation. She also was recently appointed by Governor Shapiro to serve on the Board of the Pennsylvania Commission of Crime and Delinquency, and serves on the Advisory Council for Accelerator for America, an organization working to develop solutions to challenges facing cities across the United States.
Considering the many market challenges the University is currently facing and the strategic initiatives we have underway to meet these challenges proactively, the CFO position has been elevated from vice president to a senior vice president title, with enhanced responsibility for providing strategic financial leadership and direction to all Drexel campuses. Procurement Services and Accounts Payable will now be reporting to Rebecca, along with the offices of the Comptroller, Budget and Financial Planning, Tax Compliance, and Treasury. In addition, Rebecca will serve as Drexel’s primary mergers and acquisitions (M&A) strategy officer, leading the assessment of M&A proposals and the integration approach, as well as all financial aspects of M&A activities.
Out of the candidates we interviewed, Rebecca stood out for her breadth of experience managing debt, operating and capital budgets, ensuring prudent stewardship of financial resources, and identifying opportunities for efficiency and effectiveness in a complex organization. She managed the city’s debt portfolio during the deepest period of the recession, restructuring multiple bond deals during her tenure. As both Budget Director and Chief Administrative Officer for the city, she led transformational modernization and efficiency initiatives to ensure proper stewardship of taxpayer dollars. As Controller, she conducted thorough audits and investigations to uncover inefficiencies and analyzed ways to improve city services. Her demonstrated integrity and commitment to the betterment of Philadelphia make her an especially strong fit for this critical leadership role at Drexel.
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Photo: Drexel University