NYU ends second home loans for top profs, announces Sexton's departure
- Top employees at New York University will no longer receive loans from the school to buy vacation homes, according to a Wednesday announcement.
- Among other changes to reduce administration-faculty tensions are an increase in faculty member participation in school decisions and the 2016 departure of President John Sexton, who received five no-confidence votes from faculty this year.
- The sizes and terms of NYU's second-home mortgages raised eyebrows in June and included now-forgiven loans of several hundred thousand dollars for former Executive Vice President and current U.S. Treasury Secretary Jacob Lew, and even loans that extended into the multimillion-dollar range.
From the article:
... A university spokesman said Mr. Sexton, 70, was not immediately available for comment late Wednesday. He has become the personification of the unrest at the school, revered by some as a visionary who raised N.Y.U.’s stature while leading the way in opening foreign campuses, and reviled by others who argued that his desire for expansion, in Greenwich Village and around the world, would saddle the university with debt and weaken its academic mission.
In addition to the Fire Island loan, the university provides Mr. Sexton with an apartment in Washington Square and a salary of nearly $1.5 million and will pay him a length-of-service bonus of $2.5 million in 2015. He became president in 2001 after serving as dean of N.Y.U.’s law school. ...
- The New York Times Read More
Follow Roger Riddell on Twitter