Edward Penson was born on August 30, 1927 in New York. He attended the public schools in Miami Beach, Florida before joining the Navy in 1945. After his discharge, he attended the University of Florida and was graduated with his B.A. (cum laude) in 1950. He then went on to Ohio University to earn his M.A. (1951) and back to the University of Florida for his Ph.D. in Speech Communications (1955).

He began his professional career at Ohio University in 1955 as an Assistant Professor. He went on to hold administrative jobs of increasing responsibility, culminating in his appointment to Vice President of Academic Services in 1973. In 1975, Penson was appointed President of Salem State College.

Inheriting a campus with low morale, Penson concentrated on improving communications among campus constituencies and also between the college and the larger community. He developed campus wide task forces on community service, public affairs, and cultural affairs to increase the profile of the college in the community. He established a campus newsletter, The Communicator, to increase the flow of information internally and oversaw the creation of the campus wide committees called for in the new statewide faculty collective bargaining agreement. He also created the Community Services office to handle public information, alumni affairs, grant acquisition, and development.

The Salem State College Development Fund was created in 1976 in reaction to drastic reductions in state funding. The first annual fund drive was held during the 1977-1978 academic year and it raised $25,000 in donations. Penson also began intensive lobbying efforts with legislators to restore adequate funding for the college.

Penson resigned in July of 1978 to take the position of chancellor at the University of Wisconsin at Oshkosh. In leaving he said part of his motivation was that "Massachusetts falls about 49 steps short with support for higher education. This state has not made a clear commitment to organize itself towards aiding higher education."

Walter James was appointed acting President during the search for Penson's successor.