Steve Penny is an American businessman and sports administrator. Penny was President and CEO of USA Gymnastics from April 2005 until March 2017. He resigned from his position while under fire for the USA Gymnastics sex abuse scandal involving serial predator Larry Nassar. Penny is a key figure in the disturbing scandal and has been accused of covering for Nassar. He waited more than five weeks to notify the FBI of allegations and never informed Nassar’s other employer, Michigan State University, where he continued to treat and molest patients for more than a year.
Steve Penny Net Worth As Of 2018: $3 Million
According to tax documents filed by USA Gymnastics, Steve Penny’s total compensation in 2015 was $628,445, which included a base salary of $460,078. WSJ reported in 2017 that Penny received a severance package of around $1 million when he left his post amid the controversy.
Early Life
Stephen D. Penny Jr. was born in 1964 in Mercer Island, Washington. He attended Mercer Island High School and graduated from the University of Washington in 1987. He currently resides in Fishers, Indiana.
1987-1998
Penny began his career in sports as a marketing and promotions assistant for the Seattle Mariners. Penny first became active with the Olympic organization in 1989 when he joined Turner Broadcasting as a research manager for the 1990 Goodwill Games. In 1991, Penny became the director of media and public relations for USA Cycling and eventually became managing director of the United States Cycling Federation. Penny left USA Cycling in 1996, returning to his hometown of Seattle to become Vice President of Bob Walsh Enterprises, focused on business development in conjunction with sports marketing, events, media and consulting.
1999-2003
Penny joined USA Gymnastics in March 1999 as the Senior Vice President, overseeing a variety of areas focused on business development. Within a few years, his responsibilities grew to oversee the marketing, sponsorship, event operations, television, and communications, including the management of the 2003 World Artistic Gymnastics Championships in Anaheim, California.
2004-Present
Penny became the President and CEO of USA Gymnastics on April 4, 2005. Penny was accused by former Olympic gymnast Dominique Moceanu of being at the forefront of USA Gymnastics ignoring the abuse of gymnasts. She called for his resignation. USA Gymnastics responded by saying that Penny was a leader in ensuring the safety and well-being of USA Gymnastics gymnasts. This led to Penny’s resignation on March 16, 2017.