Two business titans are joining Harvard University's top board of governors, which has been in the midst of some of the worst turmoil on campus in recent months. exposed to criticism.
The board nominated Kenneth Frazier, the pharmaceutical giant's former chief executive officer. Joseph Bey, co-CEO of Merck and KKR, one of the world's largest investment companies, said: Two leaders with management experience at the highest levels of American business.
“Our work will certainly benefit from their leadership qualities, breadth of expertise and experience, and dedication to higher education and Harvard University,” said Dr. Alan Garber's Penny Pritzker said. board members said in a statement.
The Board of Trustees has primary responsibility for selecting Harvard's next president following the January 2 resignation of former President Claudine Gay.
Harvard University described Mr. Frazier, a Harvard Law School graduate and attorney, as a “renowned advocate for economic inclusion and opportunity.” Frazier, a black man who is the son of a janitor who rose to the top of corporate America, recently founded OneTen, a nonprofit organization dedicated to increasing career opportunities for black Americans, especially those without four-year college degrees. co-founded. According to a statement from Harvard University and the organization's website.
Bae, a Harvard University graduate, has worked at KKR for nearly 30 years and became co-CEO in 2021. Bae has overseen the company's private equity and real estate businesses, according to a statement from Harvard University. He has served on numerous boards, including the Lincoln Center for the Performing Arts; Bae, who is Korean American, is also the co-founder of the Asian American Foundation, a charity that supports Asian Americans and Pacific Islanders, according to the organization's website.
Mr. Frazier's six-year term at Harvard begins Wednesday. He fills the seat that has been vacant since lawyer and businessman David Rubenstein ended his term last year. Bae's term is scheduled to begin July 1, and he replaces Paul Finnegan, chairman of a Chicago investment firm, who was scheduled to serve two six-year terms, the maximum allowed by Harvard rules. becomes.
One of the board's most pressing tasks is the presidential search. Gay, the university's first black president, resigned after just six months in office. Her departure follows accusations of plagiarism in her academic work and reports of a resurgence of anti-Semitism on campus since the Oct. 7 Hamas-led attack on Israel sparked the Israel-Hamas war. This came amid criticism of her response and manner of speaking.
Alan Garber, a longtime Harvard University administrator, became interim president following Gay's resignation.
According to Harvard, Harvard is the university's ultimate authority “exercising fiduciary responsibility with respect to the university's academic, financial, and physical resources and overall well-being.” I also supervise the school principal.
Gay said he was resigning in a phone call with Harvard University executive and former Commerce Secretary Pritzker in late December, the Globe reported.
There are 13 seats on the Board of Governors, also known as Harvard University Presidents and Fellows, one of which is held by Harvard University's president. Mr. Frazier and Mr. Bay were formally elected by current members on Sunday and approved by the Harvard University Board of Overseers, the less powerful of Harvard's two boards of governors.
The board has faced a variety of criticism in recent months from alumni, faculty and even members of Congress. Among the complaints: the school's weak response to anti-Semitism, the board's unclear response to anti-gay plagiarism allegations, and the missteps Harvard has taken in pursuing diversity, equity, and inclusion initiatives. Examples include:
Hedge fund billionaire and Harvard graduate Bill Ackman, who has been one of the schools and school boards' most prominent opponents in recent months, personally attacked Bae in a social media post last month. did.
Ackman's wife, former Massachusetts Institute of Technology professor Neri Oxman, was accused of plagiarism by Business Insider. KKR, the company co-led by Bae, is a major shareholder in Business Insider's parent company.
“Joe Bey can also stop this madness, because he is co-CEO of KKR and his inaction here is going to cause huge reputational damage to KKR,” Ackman said. wrote.
In Washington, Harvard University is facing intense criticism from some members of Congress, including House Education and Labor Committee Chairwoman Virginia Foxx, who is pursuing two congressional investigations into Harvard.
One is examining Harvard University's response to anti-Semitism on campus. The other focuses on how Harvard University handled plagiarism allegations against Gay.
Pritzker has faced calls for his resignation over the board's handling of plagiarism allegations, with some accusing the board of acting behind the scenes. Professors said the board's review of gay academic research should have been more transparent.
Recently, at least seven Harvard alumni dissatisfied with the direction of Harvard University have come forward to serve on an oversight committee made up of alumni selected by the university's alumni. Four of them were backed by Mr. Ackman. Another was backed by Mark Zuckerberg, Meta's chief executive and former Harvard student. None of them were able to gather enough signatures to run in this spring's elections.
Mike Damiano can be reached at [email protected]. Hilary Burns can be reached at [email protected] her @HilarysBarnes.
