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GREENSBORO — R. Carter Pate, a Greensboro College alumnus who has spent his career turning around financially troubled businesses, will be the new leader of the struggling school’s board of trustees.

“I am who I am today because faculty and staff members took the time to spend with me 30 years ago,” Pate said. “My history is in Greensboro and Greensboro College. I still love the place and I am going to do everything I can and devote all the time that’s necessary to make sure it’s a success.”

Pate replaces Robert Stout, who stepped down as the board’s chairman in a closed session Wednesday night.

A Greensboro native and Grimsley High School graduate, Pate got his accounting degree at the college in 1976 and went on to become a financial heavyweight. A founder of Turnaround Management Association, he is now U.S. managing partner for advisory services at Pricewaterhouse­Coopers, one of the world’s largest accounting and auditing firms. He served as Sen. John McCain’s Virginia finance chairman during McCain’s 2008 presidential campaign.

Pate works in New York and Washington and lives in McLean, Va., with his wife, Angie, a 1978 Greensboro College alumna. The two own farmland in Randolph County.

As a certified public and forensic accountant, Pate said he looked forward to helping the 171-year-old school through its current financial difficulties.

“I have a background that will help me understand the school’s current problems, and we’re going to get this college back on firm ground,” Pate said.

Carrying more than $19 million in debt, the small Methodist college has put most of its campus and its $17 million endowment up as collateral to Bank of America. The bank has extended the college’s line of credit, allowing it to meet payroll obligations through the summer as it restructures with help from Charlotte-based NaviscentGroup.

“It’s a very stressful time right now in corporate America,” Pate said. “And Greensboro College is facing a lot of the same pressures that many companies and institutions are facing.”

In a statement, Stout said he would remain on the board but was resigning as chairman “due to recent changes at the college.” Long-time college President Craven Williams abruptly resigned this month amid questions about his leadership and financial decisions. He has given no interviews since leaving.

Pate said he didn’t think most people, on campus or off, have any idea who the school’s trustees are or what they do. He wants to bring the whole college community into that process, he said.

“To some degree the board of trustees has been this mysterious group making decisions behind the scenes,” Pate said. “I’d like to change that and bring everyone into the process.”

Pate said he would fly from New York today to meet with staff and faculty.

“I want to make sure I meet everyone who doesn’t know me, hear what everyone has to say and let them know things are going to be all right,” Pate said. “Any student, any faculty member, anyone from the community who wants to meet with me, I’m there.”

Contact Joe Killian at 373-7023 or joe.killian@news-record.com