He characterized Caldwell's term as "a compelling chapter in PAFA's history."
"Following in his footsteps is a tremendous inspiration," Donohoe said in a statement.
A veteran of the board's finance and building and facilities committees, Donohoe oversaw renovation of the academy's Hamilton Building and helped achieve seven consecutive balanced budgets and full staffing, even through the current recession.
Donohoe also once headed a partnership that owned the Curtis Center on Washington Square, home of the Louis Tiffany-Maxfield Parrish Dream Garden, a unique glass mosaic mural now in the academy's possession.
In 1998, the former owner of the mural, an estate, sought to remove and sell it, leading to public outcry, litigation, and, ultimately, a successful offer from the Pew Charitable Trusts to buy out the estate and donate the work to the academy.
Caldwell, founder and chairman of Cross Atlantic Capital Partners, a venture capital firm, led the academy's $35 million building and renovation campaign, highlighted by renovation of the Hamilton Building.
He said his involvement with the academy "has enriched my life in every aspect."
Perhaps most memorably, he led the academy's efforts in 2006 to team up with the Philadelphia Museum of Art to raise $68 million for the purchase of Eakins' Gross Clinic.
Thomas Jefferson University planned to sell the painting to a partnership of the National Gallery and a museum in Arkansas founded by Alice Walton, a Wal-Mart heiress.
The academy and Art Museum received thousands of donations during the highly publicized campaign, ultimately acquiring the painting - though both subsequently sold other Eakins works in their collections to pay off loans, prompting criticism.
Contact culture writer Stephan Salisbury at 215-854-5594 or ssalisbury@phillynews.com.
