The Stevens Institute of Technology has settled a wide-ranging lawsuit filed last year by the New Jersey attorney general by agreeing to sweeping reforms of its governance structure and the resignation of its longtime president, Harold J. Raveché. According to The Star-Ledger of Newark, N.J., the university’s finances will be overseen by an audit committee and a former state Supreme Court justice will file regular reports on Stevens’s compliance with the settlement, which also resolves a countersuit the university filed against the state. The state lawsuit assailed Stevens and its board for financial mismanagement and the awarding of excessive compensation to Mr. Raveché, who made more than $1.1-million in 2007-8, according to a recent Chronicle survey. Mr. Raveché will remain a Stevens consultant until 2014 under the settlement.
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9 Responses to Stevens Institute’s President Will Resign as Part of Settlement With New Jersey
molneck - January 15, 2010 at 4:08 pm
Is there a reason he’s not going to jail?I suppose he can go do executive education for Goldman Sachs.
dr_redrum - January 15, 2010 at 4:14 pm
Nice work if you can get it.
11132507 - January 15, 2010 at 4:25 pm
Best part is that in his resignation announcement, he claims that it was not required by this settlement. ??!!?? Just happened to be announced on the same day?As a former long-time Stevens employee, all I can say is that this isn’t the half of it, but at least the big problem is solved now. The rest should take care of itself without his protection.
handley - January 15, 2010 at 4:49 pm
That consulting job until 2014 is right out of the Sopranos.
11132507 - January 15, 2010 at 5:25 pm
handley…well, Stevens is located in Hoboken, where The Sopranos was considered by most people to be a reality show…
adamreed - January 15, 2010 at 8:58 pm
“Is there a reason he’s not going to jail?” Since this is in New Jersey, the State’s Attorney is lining up for the vacancy, and does not wish to set a precedent…
princeton67 - January 15, 2010 at 11:15 pm
1.1 million . Wow, that’s almost as much a Greg Schiano, football coach at New Jersey’s flagship university, Rutgers, gets. I wonder if the state regards that salary as “excessive”??
profpaddy2 - January 16, 2010 at 1:56 am
The varlet stays until 2014!? He selected and appointed all board members!This is simply a ruse allowing him to get from Stevens the money he will pay Stevens for his mortgages..more “fumbling in the greasy till”.This is the icebergs tip.A thorough in-house audit of Stevens executive expenditures over the last decade would give Bernie Madoff Hoboken room mates. With deep sympathy for Stevens Faculty..and well done..though t’were long!!
blesstayo - January 17, 2010 at 1:19 pm
American and Worldwide Universities need new transformational Presidents, Provosts/VP Academic Affairs, and leaders. It is not how long you have been to the moon that matters, but what you have been doing at the moon recently. Academic institutions should stop recruiting business-as-usual college deans as Provost, and aging Provosts as Presidents/Chancellors. Take a look at bold moves by UNC-Chapel Hill and other institutions hiring vibrant new leaders. The re-circulation of old leadership around institutions should stop NOW! We need action-oriented leaders who do not believe in re-inventing the wheels! Why in the world do old leaders waste time and resources establishing new committees to redefine strategic plans, conduct foundation of excellence initiatives when they are doing NOTHING about rich data from NSSE, GSS, etc. We need new conversation about old versus new leadership expectations.