In the past four years, Petty lived in student residence halls and led the Colonial Health Center as vice president of student affairs and dean of students.
Kelley Bishop will serve as the permanent associate vice provost for the Center of Career Services following a nation-wide search.
The principles state that faculty should have a role in “key decision making” and have primary authority over “specific areas” of academic policy.
Officials said they will consider the effect of cost of attendance as they evaluate tuition and financial aid packages going forward.
Interim University President Mark Wrighton appointed Charles Barber as permanent vice president and general counsel.
Board Chair Grace Speights said trustees would announce their decision on the Colonials moniker renaming by the end of the academic year.
Officials provided updates on the searches for top administrative positions that they expect to fill by the fall during a Faculty Senate meeting Friday.
Faculty, staff and trustees have worked to develop an understanding of shared governance this past year, while students have remained absent from the process.
The MFA net assets dropped by about 214 percent during the past six years, according to a report at a Faculty Senate meeting Friday.
Expenses from research, students, construction and alumni generated about 1.2 percent of the District’s gross regional product, according to a study.