Purdue's Board of Trustees announced its choice for the University's new treasurer and Friday morning. <br /><br />Current treasurer Al Diaz will leave Purdue at the end of the semester for a position at Marymount University. According to a press release, William E. Sullivan, who retired in 2012 as the chief financial officer for Prologis, an industrial real estate company, will replace Diaz.<br /><br />As Purdue's chief financial officer and treasurer, Sullivan will oversee $2.3 billion within the university budget and be charged with ""ensuring institutional integrity in financial matters, budgetary construction, optimal resource allocation and maximum operational efficiency.""<br /><br />Sullivan will assume his new position June 1. <br /><br />On Thursday afternoon, the Board of Trustees approved a $6 million renovation for Forney Hall of Chemical Engineering's laboratories located in the building’s east wing. Built in 1938, the labs will get new hoods, electrical, heating and ventilation. The Board also officially approved the name of the University’s newest residence hall, Third Street Suites.<br /><br />Additionally, the Board approved several pending academic and administrative issues. Furthermore, the interior design program at Indiana University-Purdue University Fort Wayne is now a part of the College of Visual and Performing Arts, effective July 1. A retirement exception was also approved. Now, executives and staff in high policymaking positions may retire at the end of the fiscal year in which they turn 65 – a change requested by president Mitch Daniels.