Team 4: PHEAA Student-Loan Agency's President Will RetirePOSTED: 3:44 pm EDT September 25,
2007 HARRISBURG, Pa. -- The head of Pennsylvania's student-loan agency, which has been criticized by Gov. Ed Rendell and state lawmakers over its spending practices this year, said Tuesday he plans to retire at the end of this year.Dick Willey, president and chief executive officer of the Pennsylvania Higher Education Assistance Agency, announced his plans to retire effective Dec. 31 in a letter to state Rep. Bill Adolph, R-Delaware, chairman of PHEAA's governing board.Willey, 61, said the timing of his departure was related to his intention to serve as the agency's leader for five years and to fulfill his goal of taking it to the "next level.""Today, we have achieved extraordinary success by any measure; be it earnings growth, operational efficiency, or the $200 million annual public service gift we provide to Pennsylvania students and families each year," Willey said.He said his decision to retire has nothing to do with the storm of controversy over his bonuses and the lavish retreats at posh resorts like Nemacolin Woodlands Resort.Willey's base salary is $289,000. He was paid a $181,000 bonus last month. Previous Stories:
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