The university's general support appropriation will remain level at $242.1 million for the third consecutive year.
Both new executives, Vinnie James and Adam Miller, previously worked under Patrick Kraft at Boston College and Temple.
All full-time Penn State faculty members will be eligible for at least six weeks of paid parental leave beginning July 1.
Penn State's Board of Trustees unanimously approved for the university to enter into a ground lease and purchasing agreement for the Penn Stater Hotel and Conference Center and the Nittany Lion Inn.
The move comes as the former dean, Justin Schwartz, transitions into the role of Penn State's interim executive vice president and provost.
Justin Schwartz, the Harold and Inge Marcus Dean in the College of Engineering, will serve as the interim executive vice president and provost following a transitional period in mid-July.