U.'s VP for Finance to leave office

Kathy Engebretson is stepping down after 2 1/2 years to work for BET.com, a new Web portal. Vice President for Finance Kathy Engebretson announced yesterday that she will leave her post to become the chief financial officer of a new online venture from Black Entertainment Television. Engebretson, a Wharton alumna who has worked at the University for 2 1/2 years, will remain at her post until the end of the month. Although Engebretson said she had not been looking to leave Penn, the offer she received to work at BET.com -- a new Internet portal aimed specifically at African Americans -- was "a lifetime opportunity that I couldn't walk away from." Engebretson was offered the position in September but did not make her final decision until the end of October because "it was really hard to think about leaving," she said. Executive Vice President John Fry wrote in a memo to employees yesterday, "We have been fortunate to work with [Engebretson] for the past several years, and we will miss Kathy's talent and leadership here at Penn." Fry could not be reached for comment last night. BET.com is a $35 million joint venture between Black Entertainment Television, Microsoft, News Corp., AT&T;'s Liberty Digital and USA Networks. The site will be launched on February 1, Engebretson said. "This sort of information technology is really where so much is happening right now," Engebretson said, adding that even if the company does not succeed, the experience she will gain will make taking the position worthwhile. She added that the prospect of putting more African Americans online also played a role in her decision to take the position. "It's one of those situations in the corporate world where when you're doing well, you're doing good," she said. She explained that the current number of African Americans online is significantly lower compared to other populations -- a situation that BET.com hopes to change. Though Engebretson would not comment on what BET offered her to take the job, she did say that there was a "tremendous upside financially" with the new job. If BET.com goes public, she will benefit from several advantages -- including shares of company stock. Typically, Internet companies offer their employees stock options in place of competitive salaries. Engebretson first made a name for herself at Penn in 1992 when she became the first Wharton MBA student to serve as city treasurer while still in school for her doctoral degree. Before coming to Penn in the summer of 1997, she was also a client-relationship manager for about three years at Miller Anderson & Sherrerd, an investment-management firm in West Conshohocken, Pa., with close ties to the University. As CFO, Engebretson will manage the company's finances and the details of its eventual initial public offering. Scott Mills, BET.com's chief operating officer, worked as a deputy treasurer under Engebretson while she served as treasurer of the city before coming to Penn. It was Miller who first approached her about the job. As Penn's vice president for finance, she oversees a wide range of financial activities, including the offices of the comptroller and treasurer as well as Student Financial Services, investments and risk management. The new position will send Engebretson, a Minneapolis, Minn., native, and her family to Washington, D.C. -- where BET.com's headquarters are located.

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