Philadelphia, Pa. (Vocus) September 16, 2010
At its regularly scheduled meeting on Tuesday, September 14, the board of the Hospitals and Higher Education Facilities Authority accepted the resignation of its president and CEO, Wayne A. Mugrauer and voted to name James B. Baker, Jr., a member of the board, to serve as interim CEO, as it launches a national search for Mugrauer’s successor.
Mugrauer, who assumed his position at the Authority in July 2007, will join the Sellersville, Pa-based Penn Foundation, as its new chief executive. The Penn Foundation provides mental health, mental retardation, and substance abuse services for children, adults and institutions located primarily in Bucks and Montgomery Counties, in Pennsylvania.
According to Robert W. Bogle, chair of the Hospitals and Higher Education Facilities Authority’s board, Mugrauer has served the Authority and its clients exceptionally well during his three-year tenure. “Over his tenure, we developed a great sense of confidence in the way in which Wayne Mugrauer managed our operations. We expect that he will make an equally creditable contribution at the Penn Foundation. In the meantime, we do not expect that there will be any lack of continuity in the quality of our services under Jim Baker, as we complete our national search.”
Established in 1974, The Hospitals and Higher Education Facilities Authority offers low-interest, long-term, tax-exempt financing to non-profit hospitals and to secondary higher education facilities. Over the past 10 years, the Authority has facilitated 27 such financings, averaging more than $60 million, each.