Israel Ruiz, MIT’s vice president for finance since 2007, has been selected by President Susan Hockfield to serve as the Institute’s next executive vice president and treasurer. Ruiz has been nominated to this position by the Executive Committee of the MIT Corporation and has agreed to serve, pending his election by the full Corporation at its Oct. 14 meeting.
Ruiz would succeed Theresa M. Stone, who announced May 17 that she will step down this fall as executive vice president and treasurer.
“I am deeply honored and humbled by this nomination, and by the privilege to be at the service of this magnificent institution,” Ruiz said. “MIT is truly an inspiring place, where the most talented students, faculty and staff come together with a passion to conquer the nation’s and the world’s greatest challenges. As our 150th anniversary celebration comes to a close, I look forward to working to ensure that MIT’s future is even more exciting than our glorious past.”
Hockfield, who had encouraged the MIT community to suggest possible successors to Stone, has received considerable feedback expressing enthusiastic support for Ruiz’s consideration.
“Israel is a strategic thinker whose commitment to excellence aligns particularly well with the Institute’s values,” Hockfield said today (June 6) in an e-mail announcement to the MIT community. “He has a record of advancing innovative solutions to complex challenges, earning broad support along the way. His leadership and compelling vision have transformed many of our financial processes to serve and support the MIT community.”
Hockfield also thanked Stone for her nearly five years of service as executive vice president and treasurer.
“Terry superbly steered MIT through the most challenging economic climate in memory, putting us on the solid financial footing the Institute enjoys today,” Hockfield wrote. “As importantly, her oft-stated commitment to delivering ‘services worthy of MIT’ has reshaped the Institute in ways well beyond what can be measured in dollars and cents.”
As vice president for finance, Ruiz has ensured the delivery of efficient and effective financial and administrative services to the MIT community. He leads a team that manages the Institute’s financing strategy, financial and capital planning, annual budgeting, receipt and disbursement of funds, accounting, procurement and asset management. He also plays a critical role in ensuring the integrity of all financial reporting and compliance.
Responding to the 2008 financial crisis, Ruiz envisioned and co-led — with Associate Provost Martin Schmidt — the 200-member Institute-wide Planning Task Force, which achieved substantial long-term cost reductions by implementing fully 70 percent of all ideas submitted. His team also developed a model to monitor the Institute’s working capital liquidity during the financial crisis, which was instrumental in maintaining operational flexibility.
Last month, to support the development and renewal of the Institute’s academic plant under the MIT 2030 framework, Ruiz led the successful completion of a landmark $750 million taxable century bond offering.
As part of the “Digital MIT” initiative, announced in May 2010, Ruiz’s group modernized and simplified financial processes by successfully digitizing many services, resulting in significant adoption of electronic paystubs, W-2s and reimbursement. Finally, he merged several distinct financial units into an inclusive organizational culture focused on proudly serving the MIT mission and promoting professional development, diversity and cross-functional collaboration.
Ruiz joined MIT in 2002 as manager of financial planning and analysis, becoming associate director of the Office of Budget and Financial Planning in 2003. He was named director of finance in 2005, leading an Institute-wide rebalancing that several years later yielded the first balanced general unrestricted budget in 15 years.
Born in Barcelona, Ruiz holds a master’s degree from the MIT Sloan School of Management, awarded in 2001, and a degree in industrial and mechanical engineering from the Polytechnic University of Catalonia, awarded in 1995. Before joining MIT, he worked as an engineer at Hewlett-Packard and at Nissan Automotive.
Ruiz serves on the board of directors of the MIT Press; The Cooperative Society of Harvard and MIT, better known as “The Coop”; MIT Endicott House; and the Prince of Girona Foundation, which is dedicated to promoting youth education and entrepreneurship and resolving social economic issues. He and his wife, Montserrat Minguell, have three children. They live in Boston.