Berkeleyan

Haas School’s Campbell to head state Department of Finance
The moderate Republican will oversee two budget cycles for Schwarzenegger before returning to the business school

Haas School of Business | 10 November 2004

Gov. Arnold Schwarzenegger last week announced the appointment of Tom Campbell, dean of the Haas School of Business, as the new director of the California Department of Finance.

Tom Campbell

Campbell is an economist and lawyer who served five terms as a Republican congressman representing Silicon Valley; he was also a professor of law at Stanford University for 19 years. He will take a leave of absence from his university post to fulfill his new appointment, which he is expected to assume on Dec. 1.

“Tom is a brilliant economist with intricate, first-hand knowledge of public and fiscal policy who shares my commitment to getting California’s fiscal house in order,” said Schwarzenegger in a prepared statement. “He is a tremendous addition to my team and will be an invaluable advocate working to streamline government, balance the books, and create a vibrant economic climate in the state.”

Campbell said he was honored to accept the position, seeing it as an exceptional opportunity to help the state, especially in the area of job growth.

“I am deeply grateful to the governor for having reached out to the University of California, Berkeley, and to me personally, with this opportunity to serve,” said Campbell. “I am tremendously impressed with the improved optimism in our state and its climate for increased employment, for which Gov. Schwarzenegger deserves a great deal of credit.”

Campbell said the state’s finances have taken a positive turn, “but there is still much to be done, especially in the next 18 months when the next two budgets will be prepared and presented to the legislature. Getting more people jobs in our state will be my goal as director of the Department of Finance.”

In September, Campbell was named by Schwarzenegger to his newly formed Council of Economic Advisors, tasked with proposing ways to make the California economy more competitive in hopes of spurring job creation. The 16-member group includes two Nobel Prize winners and other academic luminaries.

“Tom Campbell has led the Haas School brilliantly. Losing his leadership, even for a short time, will be felt here,” said Chancellor Robert Birgeneau. “Part of the mission of a great university is public service, so we are pleased to lend Tom to the state, where his keen understanding and expertise will benefit all Californians.”

A native of Chicago, Campbell earned his bachelor’s and master’s degrees in economics at the University of Chicago, and a law degree from Harvard University in 1976. He returned to the University of Chicago, earning a Ph.D. in economics there in 1980. His dissertation was the first quantitative measurement of discrimination against women in federal civil-service employment.

Campbell is at the mid-point in his five-year appointment as the Bank of America Dean of the Haas School of Business. One highlight of his brief tenure to date has been the launching of a major expansion of the school’s efforts in the area of corporate social responsibility and business ethics — an effort stimulated by various scandals that rocked corporate America just as he was taking over the reins at Haas. A full-fledged Center for Responsible Business was developed under his leadership.

Campbell’s appointment as the state’s finance director follows a tradition of Berkeley faculty and deans being tapped for key government positions in economics, business, and law.

Most recently, Janet Yellen, the Eugene E. and Catherine M. Trefethen Professor of Business at the Haas School and professor of economics, was appointed president and chief executive officer of the Federal Reserve Bank of San Francisco. Both Yellen and Laura Tyson, a former Haas School dean, served as chair of the President’s Council of Economic Advisers in the Clinton Administration.

Leaving Haas ‘in great shape’

An acting dean will be appointed to lead Haas until Campbell’s return. The process of identifying that person will be led by Vice Provost for Academic Affairs Jan de Vries, who is seeking input on potential candidates from Haas School faculty, students, staff, and alumni.

Teresa Costantinidis, the Haas School’s chief operating officer, said she expects that an acting dean will be named before Dec. 1.

“I know Tom’s decision to take a leave of absence has surprised some of our community,” she said. “But we count ourselves extremely fortunate that our faculty contains a number of strong leaders, any one of whom can step forward and continue the school’s forward momentum during Tom’s absence.”

Earl F. “Budd” Cheit, who served as dean at the Haas School from 1976 to 1982 (and served again as acting dean in 1990-91), said, “Dean Campbell’s announcement made me feel sorry for the school in the short term, but pleased about his likely impact on the state and the university. I am also confident that his work will be of benefit to the Haas School in the longer term.”

Costantinidis added, “Tom leaves the school in great shape, and primed to move forward on a lot of exciting projects. Over the coming months we will continue to expand the size of the faculty, and thus the school’s capacity to produce leading-edge research. We will seek constant improvement and innovation in our academic curricula, as well as enhancement of the school’s services for students. On the financial front, we will continue building our endowment and planning for additional facilities for our programs.”