Karol Kain Gray, Carolina’s vice chancellor for finance and administration, has been named chief financial officer of Applied DNA Sciences, Inc., a New York-based company that provides botanical DNA-based anti-counterfeiting technology and product authentication solutions.
Gray has more than three decades of financial, organizational and management experience. Since December 2011, she has served as Carolina’s principal finance and business officer, overseeing the University’s budget and helping navigate several years of reductions in state funding while protecting the academic enterprise – which has been the University’s top priority throughout the economic downturn.
“Karol’s leadership has had a significant positive impact on the University,” said Chancellor Carol Folt. “She has served the University exceptionally well through the contributions she has made in successfully managing challenging budget cuts while protecting the classroom experience of our students.”
Gray came to Carolina from Stony Brook University in New York, where she worked for 33 years, most recently as vice president for finance and administration. The move to her new post means a return to her home state and a company she has worked with in the past (she is a former member of its board of directors). In her new role, Gray’s duties will include budget management, forecasting needs, and establishing and maintaining contacts with stockholders, financial institutions, Wall Street and investors.
“We wish Vice Chancellor Gray the very best in her new professional pursuit in the private sector and understand the pull of family and home in making a decision like this,” Folt said. “Karol has graciously offered to stay at Carolina until later this fall to assist with the transition, and I look forward to working closely with her during her remaining time here.”
Gray said her respect for Carolina made the decision to leave difficult, but she felt she could not pass up an opportunity to take on new challenges in the private sector.
“I have enjoyed my time at Carolina and have been truly inspired by the accomplishments of our students, faculty and staff,” she said. “It’s an amazing institution that does so much for North Carolina, as well as the nation and the world. I have been so impressed with the energy and ideas that Chancellor Folt and Provost Dean have brought to the University’s senior leadership team. Carolina is in excellent hands.”
Gray also has reorganized the Division of Finance and Administration to reallocate resources that support the University’s complex operational needs. With these changes, Folt said, the division reflects Carolina’s commitment to enhancing operational efficiencies.
Gray assumes her new post in October.