The Review T h e U n i v e r s i t y o f D e l a w a r e ’s i n d e p e n d e n t s t u d e n t n e w s p a p e r s i n c e 1 8 8 2
TUESDAY, MARCH 3, 2015 VOLUME 141, ISSUE 16
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FAREWELL, HARKER
KIRK SMITH/THE REVIEW President Patrick Harker is stepping down from post to become the president and chief executive officer of the Federal Reserve Bank of Philadelphia.
Harker steps down as president to assume role at Philadelphia Fed ELIZABETH QUARTARARO CADY ZUVICH Editor-in-Chief & Executive Editor President Patrick T. Harker is stepping down to become president and chief executive officer of the Federal Reserve Bank of Philadelphia, effective July 1. In a message posted Monday morning on UDaily, Harker wrote he would work closely with the Board of Trustees and other administrators to “ensure a smooth transition in leadership.” The Philadelphia Fed announced Harker as the predecessor of President Charles I. Plosser, who retired March 1. Harker has served on the board of the Philadelphia Fed for three years. Fed spokesperson Marilyn Wimp said the search process began in September when Plosser announced his retirement. An executive search firm was hired in November, with Harker pulling out of the Board of Directors search committee when he became a candidate
for Plosser’s position. “We were fortunate to have an exceptional and wonderfully diverse slate of candidates and are delighted that Pat Harker emerged as the best person to serve as the next president and chief executive officer of the Federal Reserve Bank of Philadelphia,” said James E. Nevels, chairman of the Philadelphia Fed’s board of directors. Harker’s announcement came the same day he was slated to give a speech titled “The Future of the University of Delaware” at the semester’s General Faculty Meeting Monday afternoon. Harker opened the speech by acknowledging his departure from the university and thanking faculty and staff for their guidance and work in making the university a vibrant place. Harker also said he will not be going far, as the state of Delaware is under the jurisdiction of the Philadelphia branch of the Federal Reserve. “I plan to stay in touch and informed and connected to the university,” Harker
said. “One of my goals as president of the Philadelphia Fed is for us to take advantage of the intellectual assets that are in the third district, the University of Delaware being a key one of them.” Harker leaves at the close of seven-year strategic plan, Path to Prominence, initiated in 2008 after assuming the presidency the previous year. He leaves as the next plan, Delaware Will Shine, comes into place. Harker entered the presidency just before the 2008 financial crisis—a shock for universities nationwide. Board of Trustees chairperson A. Gilchrist Sparks III said Harker’s leadership absorbed this shock. “He led the university very successfully through that period to the point where we are not at the process of decline,” Sparks said. “The last two years, he significantly lowered the increase in tuition. Our endowment recovered, and it was better than where we started.” See SPARKS page 3
What’s next?
Search to begin for next president CADY ZUVICH MATT BUTLER Executive Editor & Managing News Editor And so the search begins. In just four months a new president will be ushered onto campus, taking on the top position in Hullihen Hall. In a letter announcing his departure, Patrick T. Harker wrote he will work to “ensure smooth transition in leadership.” Compared to typical presidential searches, four months does not leave much time to find a new leader. Past president David P. Roselle announced his retirement a year before his official retirement. Domenico Grasso, second in command to the president, became provost after a deliberative eight-month search. This leaves into question whether an interim president will be announced to guarantee a longer search for a replacement. Tom Apple, former provost at the university during Harker’s tenure, said the usual search for a president is an arduous process. With search committee assembly, search
firm hiring, interviews and candidate review, Apple said the time can add up quickly. “Four months if absolutely everything is clicking,” Apple said. “Six months is your worst case scenario.” There is a large difference between the how public and private schools conduct their searches, Apple said, in that public schools must keep their searches largely open and transparent. UD does not have to disclose as much. Details of the search to replace Harker may be specified in upcoming weeks, but universities follow often uniform processes in deciding presidents. During the last presidential search in 2006, the 36-person search committee screened and recommended finalists, with the Board of Trustees making the final choice. The search committee also hired consultant William Funk of Korn/Ferry International to find these finalists. During his search, Funk also reached out to students holding discussions with the university community which led up to the hiring of Harker. See APPLE page 4
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