Babson’s Philip Shapiro Named CFO Of The Year By Boston Business Journal

Boston Business Journal has selected Philip Shapiro as CFO of the Year in the non-profit sector - the only one from academia.

Phil Shapiro, Vice President for Finance and Chief Financial Officer at Babson College, has received a Boston Business Journal 2010 CFO of the Year Award.

The award focuses on three categories of accomplishment:

  • Community involvement
  • Leadership in business
  • Company (institutional) achievements

Shapiro is one of two recipients this year from the non-profit sector – and the only one from an academic institution.

The financial actions taken by Shapiro led S&P to improve the College’s bond rating from ‘BBB+’ to ‘A-’ in November '09, at a time when the bond ratings of many colleges and universities were being downgraded. To quote S&P: “The upgrade reflects Babson's ability to meet goals and achieve positive financial performance, while strategically increasing and diversifying its enrollment profile and maintaining good student quality.”

According to Babson President Leonard Schlesinger, “In the category of institutional achievements, Phil’s leadership can be seen in his contributions to Babson's financial practices and the confidence he has given our school to move swiftly in an uncertain market.

“He has been incredibly insightful in the process of recognizing that the business model for small tuition-dependent institutions was not sustainable without a re-envisioning of an alternative future,” said Schlesinger. “The positive impact of Phil’s contributions will be felt here for many years to come.”

Shapiro has been Vice President for Finance and Chief Financial Officer at Babson since 2005. Before this, he was a Managing Director of Standard and Poor’s Rating Group, where he established and supervised their offices in Boston, Chicago, and Dallas. In addition, he was the CFO of the Massachusetts Water Resources Authority, a Director of Investor Relations for the Bank of New England, and a former Deputy Director of the Massachusetts Energy Facilities Siting Council. He was an assistant to former Maine Governor James B. Longley. Shapiro has thirty years of public and private sector financial and management experience and holds a B.A. degree from Amherst College, M.Ed. from the University of Maine/Orono and an M.B.A. degree from Boston College.

He is a member of NACUBO, EACUBO, the Boston Economic Club, and was formerly Vice President of the Boston Municipal Analysts Forum. Shapiro is a selectman in Westwood, Massachusetts, and was an adjunct lecturer at the Kennedy School of Government at Harvard University.

Boston Business Journal will be honoring the award recipients in their July 16 issue and at an event at the Westin Boston Waterfront Hotel on July 14.

Babson College in Wellesley, Mass., is recognized internationally as a leader in entrepreneurial management education. Babson grants BS degrees through its innovative undergraduate program, and grants MBA and custom MS and MBA degrees through the F.W. Olin Graduate School of Business at Babson College. Babson Executive Education offers executive development programs to experienced managers worldwide. For information, visit


By Nancy Sullivan,, 781-239-4623 | 6/17/2010 12:00 AM