Dateline: January 15, 2010, Chicago
The New Jersey Attorney General and the defendants in the lawsuit involving the Stevens Institute of Technology have settled the suit. The settlement calls for numerous governance reforms and significantly increased transparency. There were no admissions of wrongdoing. In a separate letter, Dr. Harold J. Raveche announced his resignation, effective July 1, 2010. He pointed out that "Nowhere in the final settlement agreement is my resignation required." Dr. Raveche will have a consulting role. Our initial reading of the agreement leads us to believe that none of the existing directors resigned or were removed.
This matter played out in classic form. At the end of the day, the person who served as the lightening rod in the dispute will no longer be on the scene, there are significant governance reforms, and the institution moves forward, hoping to put the "recent unpleasantness" behind itself.
Within the next 24 hours, we will post a complete analysis of the agreement and its implications.
Good day.
