Former bank CEO chairs URI Foundation

02/26/09 - George Graboys, former Chief Executive Officer of Citizens Bank and civic leader, is taking on a new challenge as the new chairman of the URI Foundation Executive Board.The URI Foundation is an independent corporation that manages the University of Rhode Island's endowment portfolio and fundraising activities.

As chairman, Graboys will lead the 23-member executive board, which provides the foundation office with guidance on business and investment decisions.

The board is composed of members of the business and education communities, including Thomas Ryan, president, chairman and CEO of CVS/Caremark and Blanche Murray, a retired Tolman High School teacher.

"You take those people who have had success or are currently having success in their own enterprise and you then borrow that experience," foundation President Glen Kerkian said.

Graboys listed his business experience as an advantage going into the position.

"I'm an old timer, I'm in my 70s ... so I have a wealth of experience in business and I should hope that I can use that experience to further help the foundation and the university," Graboys said.

In addition to his time as CEO of Citizens Bank, Graboys has extensive volunteer experience, having served on the Rhode Island Board of Governors for Higher Education, the Children's Crusade for Higher Education and the Rhode Island Foundation. Graboys served as chairman of each of these organizations at various times.

While not an alumnus, Graboys taught in the URI College of Business for three years and holds an Honorary Doctor of Laws from the university.

Prior to his election to his new position, Graboys served as a member of the URI foundation board for 12 years.

"He's been a particularly effective volunteer ... if you look at the history of some of his volunteer roles, he always seems to rise up to become the chair or the president ... so he obviously takes his volunteerism very, very seriously," Kerkian said.

Graboys' long history of volunteer activity is a result of his desire to give back to the state and the university.

"Rhode Island has been the state that provided me with my living for many, many years and I was successful in this state, and I wanted to do something to support the university particularly as I got to know it that much better," Graboys said.

Graboys' appointment comes as the foundation contends with the effects of a worsening national and state economy.

It has been widely reported that university endowments nation-wide have been losing value as investments depreciate, and URI is no exception.

According to the foundation's latest analysis, the endowment is down about 23 percent, a figure that does not put URI at either extreme of the national scale, Kerkian said.

"We aren't being hurt as badly as some places, but I don't think you ever want to talk about a reduction of over 20 percent as being something positive," Kerkian said. "I'm not aware of any endowment ... that has not had reductions in the last year.