The President of St. Mary’s College resigned his position following the disclosure of an $112 million unpaid pledge from a once anonymous donor....
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The College recently posted a press release on its website, stating:
Brother Craig J. Franz, FSC, has resigned as president of Saint Mary's College of California, effective on Jan. 1, 2005.
In a letter issued today to the Saint Mary's community, Franz said he believes the college will benefit from new leadership as it faces the challenges caused by the recent disclosure that $112 million in anticipated pledges will not come to fruition.
"In the weeks since we disclosed the unrealized pledges, it has become clear to me that evolving perceptions about my leadership would make it increasingly difficult for me to effectively inspire our alumni and others to support the college now and in the future," said Franz. "I am stepping aside now because my paramount interest is in seeing Saint Mary's move forward."
Nick Moore, chairman of the Saint Mary's College board of trustees, said he was "profoundly saddened" by Franz's decision to step down as president.
"I want you to know in the strongest possible terms that Brother Craig's resignation was neither requested nor anticipated," Moore said in a letter to the community. "The ongoing trustees' inquiry into the unrealized pledges has revealed nothing to date suggesting that Brother Craig or other college officials bear culpability for the lost pledges. Given that information, and knowing that some will nonetheless engage in speculation, it was especially difficult for trustees to accept Brother Craig's resignation."…
As readers of this blog are well aware, we have been following developments in the St Mary’s College case for several weeks. Our interest is in seeing the terms of the unpaid pledge. In our view, the sooner the College gets the facts out, the sooner the College can begin focusing exclusively on its primary mission.
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