Penn State trustees install new leadership

Penn State Board of Trustees President Karen Peetz addresses the board at its regularly scheduled meeting in State College, Pa., Friday, Jan. 20, 2012. Peetz was elected to the position earlier in the meeting. Penn State President Rodney Erickson also used the meeting as an opportunity to address the perception that the university isn't being as open and honest as it could be in the wake of the Jerry Sandusky scandal. (AP Photo/Andy Colwell)

January 20, 2012 1:49:48 PM PST
A banking executive has been selected to guide Penn State's Board of Trustees through the aftermath of the Jerry Sandusky scandal.

Trustees elected Karen Peetz as president of the 32-member board. Peetz is a vice chairman of The Bank of New York Mellon.

Peetz says the board will focus on themes of change, reform and transparency.

The trustees also elected farm owner Keith Masser as the vice chair.

They're replacing Steve Garban and John Surma, respectively, as trustee leaders.

Garban and Surma decided not to run again. They and other trustees have been criticized by some alumni and former players for their actions after former assistant football coach Sandusky was charged with dozens of counts of child sex abuse last November.

Peetz says that "all of us, including the board, with the wisdom of hindsight could have done things differently."