Leaving it Better Than He Found It: Steve Pelphrey's Time at KSTC

Steve Pelphrey

After more than eight years of thoughtful and mission-driven leadership, Steve Pelphrey, chief financial officer of the Kentucky Science and Technology Corporation (KSTC), is retiring.

Pelphrey joined KSTC in 2017 during a pivotal time for the organization. Facing a shifting landscape, he brought the financial discipline, clarity and guidance needed to help the organization adapt.

Over the years that followed, including the height of the COVID-19 pandemic, he helped position KSTC not just to survive challenges but to grow. With his help, KSTC’s management team was able to grow from approximately $3 million in revenue to over $11 million, allowing KSTC to broaden its reach and deepen its impact across the commonwealth.

“Steve’s passion for our mission, steady leadership through times of uncertainty and his deep commitment to upholding the values at the very heart of KSTC have shaped the strong foundation we’re building on today. We are deeply grateful for his service.”  KSTC President Terry Samuel

A Mission-Driven Start: Old Trails Leading to New Paths

Pelphrey’s connection to Samuel began years earlier at Xavier University, where they studied together in the MBA program. One project in particular, a case study they’d done about a struggling airline called People Express, left a lasting impression. 

Years later, reunited at KSTC in leadership roles and facing limited resources, they recalled that case and saw a parallel. If they could leave KSTC stronger than they found it, this could be their own real life People Express. 

That shared vision shaped their early leadership: making hard decisions, maximizing limited resources and laying the groundwork for long-term financial health. Pelphrey’s extensive background in both diverse private industry and public-sector finance was critical, paired with Samuel’s operational vision. 

Together with KSTC’s team of program directors and employees, the organization didn’t just stabilize — it grew.

Leading Through Challenge and Change

Pelphrey’s impact was especially critical during the COVID-19 pandemic, a time when many organizations struggled to survive. Behind the scenes, he ensured financial continuity, helping enable core programs to continue and new ones to take shape, even during a time of national disruption.

He helped maintain compliance across federal, state and partner funding, managed risk with precision and ensured transparency and confidence at every level of the organization. This leadership helped support the launch of major state-funded initiatives, such as Kentucky Commercialization Ventures and Kentucky VALOR, and federally-funded programs, such as KCV EDGE and Captivate.

As a result, KSTC has emerged more stable, more capable and financially stronger than when the crisis began.

A Career Built on Service

Pelphrey’s career has long been rooted in public service and community impact. As CFO for the YMCAs of Central Kentucky, he helped fund and oversee projects like the Hamburg YMCA — a facility he still passes with pride. 

“To be able to use your education, experience and talents God's given you to help your community is just amazing.” Steve Pelphrey

He views financial management as more than numbers; it’s a way to build systems and drive results that support real people. He often credits his colleagues for their role in every success, always returning to the importance of teamwork. “I never really enjoyed individual sports as much,” he said. “But in team sports like basketball or football, you’ve got people to celebrate with. That’s where the real joy comes in.”

The Road Ahead

As he looks ahead to retirement, Pelphrey is excited for spontaneous road trips with his wife of 41 years and exploring ways to give back — particularly by mentoring college students. 

There is one moment from his life that continues to resonate with him today. After a tough week of classes, low on cash and unsure of his path, he sat in a McDonald’s and realized he couldn’t afford both a cheeseburger and Coke. At this low point, he briefly considered quitting college and returning to working in a steel mill. 

“I remember thinking, ‘That accounting class is going to kick my butt on Monday,’” he said. “But I got in the car and drove back to Lexington and didn’t quit. Now, I’m so glad I made that drive.”

He hopes to one day pass along that lesson to students questioning their own next steps.

“I’d love the chance to tell a kid: just hang in there and keep working. It’s worth it.”  Steve Pelphrey

A Lasting Legacy

Steve Pelphrey leaves KSTC with a legacy defined by financial excellence, calm leadership and unwavering integrity. His impact will continue to shape the organization’s future, and the lives of the people it serves, for years to come.