After four decades of service, Richard DeFusco, professor of finance, will retire from the University of Nebraska–Lincoln on May 23. He leaves behind a legacy defined by academic innovation, global influence and a deep dedication to students and the finance profession. 

DeFusco joined the College of Business in January 1985 after earning his doctorate from the University of Tennessee, Knoxville. He became an integral member of the college's leadership team, serving as chair of the Department of Finance and director of the Master of Business Administration program.

“Richard had a vitality and intellectual curiosity that was a breath of fresh air in the classroom,” said Karen Plessinger, ’86, one of his first students. “He would listen and engage, which made me see that I could have a place in the field of finance when there weren’t a lot of female students in the major.” 

Instrumental in developing the investments track within the finance major, DeFusco introduced hands-on learning opportunities that helped launch careers. In one of his upper-level courses, students managed real funds from the University of Nebraska Foundation, which “set the trajectory” for Plessinger's career. 

“Richard’s extensive experience earned him an appointment with the Nebraska Investment Council, safeguarding pensions and managing state investments. He served for more than 20 years--longer than anyone in its history,” said Kathy Farrell, James Jr. and Susan Stuart Endowed Dean and professor of finance. 

Among the earliest academics to earn the Chartered Financial Analyst (CFA®) designation, DeFusco worked to align Nebraska’s finance curriculum with the CFA Program.  

“Richard led the curriculum changes necessary for the university to receive CFA Program Partner designation in 2008,” said Gordie Karels, professor emeritus of finance and former department chair. “At the time, only 40 universities in the country had that designation.” 

Today, both the undergraduate finance program and the Master of Science in Finance are recognized as CFA Institute University Affiliated Programs. Students benefit through exposure to CFA exam content and improved job market competitiveness.

David Lockwood, '02, current chair of the Finance Advisory Board and senior vice president and chief investment officer at Assurity in Lincoln, said DeFusco's support was pivotal.

“He knew I planned on taking the CFA exam and told me about a scholarship that would help with the cost. I applied and received a scholarship to take the exam, which assisted with my career pathway,” Lockwood said. 

DeFusco also advised the Big Red Investment Club, which manages a portfolio of more than $600,000. Members participate in stock pitch competitions, visit firms and host industry speakers.

In 2020, he launched the Investors With Purpose program with support from alumnus Doug Waggoner, ’75 & ’77, who funded the program through the Douglas and Karin Waggoner Family Foundation. The program connects high-achieving students with leaders in wealth management and global investment, and offers internships at the Nebraska Investment Council and University of Nebraska Foundation.

“During my junior year, I was selected for the Investors With Purpose program, which opened the opportunity to intern with the Nebraska Investment Council with Michael Walden-Newman (former state investment officer),” said Lydia Hoffman, ’24, who works at JPMorganChase in New York. “Dr. DeFusco also was kind enough to recommend me for scholarships.” 

DeFusco’s influence extended far beyond Nebraska. Robert Johnson, '89 Ph.D., former deputy CEO and senior managing director at the CFA Institute, noted his global impact.  

“Richard was very involved as a volunteer at the CFA Institute. He authored curricular materials and written exam questions that literally hundreds of thousands of professionals all over the world have accessed to earn the prestigious CFA charter,” said Johnson. “People from around the world know of the University of Nebraska through Richard.” 

DeFusco published with at least 18 co-authors, including Johnson, and mentored countless others. John Geppert, professor emeritus of finance, said DeFusco utilized his expertise in data and programming to help others without seeking credit. 

“Even when he wasn’t a coauthor, he’d drop everything to figure out a problem,” Geppert said. “His expertise goes beyond technical skills as he's added insights to many research agendas over the years.” 

In 2022, the Finance Advisory Board honored DeFusco with the creation of the Richard DeFusco Tribute Scholarship. Waggoner provided the matching funds to kickstart contributions. 

“His impact will be felt by students for many years to come," said Farrell. "His scholarship stands as a testament to his enduring commitment to students and their success, ensuring his legacy benefits future generations."

In retirement, DeFusco plans to spend more time biking but said it would be “second to spending time with Margo (his wife), my kids and grandkids.”

He also reflected on his friendships with now-retired colleagues.

“I really miss Tom Zorn, Gordie Karels and Manfred Peterson. They were great colleagues and the best of friends,” he said. “Now, I have new great colleagues and friends. That’s the one thing that hasn’t changed over time.”