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Edited by: Fern Sidman
The University of Pennsylvania (UPenn) is facing a significant upheaval as Wall Street tycoon Ross Stevens has threatened to retract his $100 million donation if UPenn President Liz Magill is not removed from her position, as was reported by the New York Post. This move follows Magill’s controversial congressional testimony that failed to condemn anti-Semitism on campus, sparking outrage among high-profile donors and elected officials, the Post reported. The unfolding situation is raising questions about leadership, values, and the university’s commitment to addressing concerns related to hate speech.
Ross Stevens, the CEO of Stone Ridge Asset Management, declared his intention to claw back a $100 million donation to UPenn, citing “clear grounds” for rescinding the contribution. According to the report in the Post, a letter from law firm Davis Polk, representing Stevens, has been sent to the university outlining the reasons for potential revocation. The letter emphasized the importance of firm principles and the need for a change in leadership and values at UPenn to prevent reputational damage to Stone Ridge, the Post report added.
The self-righteous, arrogant smile on Liz Magill of @Penn says it all. Shocking testimony from this so-called educator. What is going to happen to our incredible country with someone like this shaping the hearts & minds of our students? All those involved with @Penn MUST SPEAK… pic.twitter.com/vpbCtSfLnn
— Jason D. Greenblatt (@GreenblattJD) December 6, 2023
Stevens joins a growing chorus of high-powered donors and elected officials demanding Magill’s resignation. As was noted in the Post report, Pennsylvania Governor Josh Shapiro, who condemned Magill’s congressional testimony as “shameful,” has added his voice to the calls for action. The controversy has prompted an informal meeting of UPenn’s Board of Trustees, monitored by a representative for Governor Shapiro, the report added. According to an esoteric law, the governor has the authority to run a meeting of UPenn’s Board of Trustees if he chooses to attend. The Post also reported that this legal provision has sparked speculation that Shapiro may actively involve himself in addressing the crisis during a board meeting, wielding his influence to effect change.The meeting reflects the intensified scrutiny of Magill’s leadership and the university’s response to allegations of anti-Semitism.
Shapiro did not mince words when expressing his dissatisfaction with Magill’s testimony. He labeled her statements as “unacceptable” and “absolutely shameful,” emphasizing that condemning genocide of the Jews should not be a challenging stance to adopt, the Post reported. The governor’s strong rebuke adds to the mounting pressure on Magill to step down from her position as president.
David Krone, an executive at Apollo and a close friend of Governor Shapiro, is reportedly connected to the situation. Krone, a former Chief of Staff to Senate Majority Leader Harry Reid, has ties to the governor, and there are indications that Shapiro might leverage this relationship as part of his involvement in the university’s affairs.
The Board of Trustees convened an informal Zoom meeting where members expressed diverse opinions regarding Magill’s continued tenure. The Post also reported that some trustees voiced support for Magill, while others called for her resignation in light of her congressional testimony. Scott Bok, the Chairman of the Board, faced scrutiny during the discussion, with suggestions that he consider resigning. The meeting did not result in any decisive actions, but sources indicate that another meeting will be held “very soon” to address the ongoing concerns.
This recent push for change comes on the heels of a failed attempt by some trustees to initiate a vote of no confidence in UPenn Chair Scott Bok just a month ago, the Post report said. The university had cited overwhelming support for Bok despite internal dissent.
Magill issued a public apology for her initial refusal to condemn calls for genocide of the Jews during the congressional hearing when she was questioned by New York Republican Rep. Elise Stefanik, the Post report said. However, questions persist about whether this apology will be sufficient to quell the mounting criticism and potential repercussions.
Sources indicate that UPenn’s Board of Trustees is contemplating a leadership change in response to the growing controversy surrounding President Liz Magill, as was mentioned in the Post report. Plans for a four- to five-hour meeting in the coming days suggest that the Board is moving swiftly to address the concerns raised by high-profile donors and elected officials. While a university spokesperson has denied any immediate plan for a leadership change, the urgency implied by the upcoming meeting raises questions about the direction the university’s leadership may take, the Post report added.
Additionally, the Wharton Board of Trustees, chaired by Apollo CEO Marc Rowan, is actively advocating for a leadership change, asserting that the current leadership does not align with the Board’s values, as was indicated in the Post report. The group has called for amendments to the Wharton Code of Conduct and urged the adoption of standards preventing language that incites violence or threatens campus safety.
The Wharton Board of Trustees, including influential figures such as financier Ronald Perelman, banker Ken Moelis, and sports team owner Josh Harris, have joined the chorus demanding a change in leadership, the report added. The group’s letter to Magill asserts that the University requires new leadership immediately.
For her part, Magill issued a public apology, acknowledging her failure to condemn calls for genocide during the congressional hearing. According to the Post report, in a two-minute video posted on the Ivy League’s website, Magill attempted to explain her testimony by stating that she was not “focused” on the issue at the time. While expressing that calls for genocide are “evil, plain and simple,” Magill seemingly blamed university policies and the US Constitution for allowing such calls on campus, the Post report added. The apology has done little to quell the intensifying crisis, with donors and stakeholders demanding decisive action.
The upcoming Board of Trustees meeting holds the potential to shape the university’s response to the crisis, determining the course of leadership and addressing broader concerns about free speech, hate speech, and donor relationships in the academic realm. The unfolding events underscore the delicate balance universities must strike to maintain integrity while navigating complex issues of ideology and institutional values.
