A new Boston-area college president is named amid financial strain and a resignation
R. May Lee, the college's new president, comes from Rensselaer Polytechnic Institute, where she was the president and chief strategy officer for institutional impact. She worked to shape and execute the institute's long-term strategic plan.
'I am incredibly honored to be chosen to lead Olin College as its next president,' May Lee said in a statement. 'I am an engineer at heart, if not by training. My career has been defined by building — whether it's organizations, strategies, products or teams. Along the way, I've immersed myself in new industries, carrying forward insights from one sector to the next and using them as fuel for innovation in each new context. I am inspired by Olin's mission and its people, and its resolute dedication to constant innovation.'
She will begin on August 18.
Gilda Barabino announced her resignation as the president of the top-ranked engineering college in November 2024. She had been at the institution since July 2020.
An internationally recognized leader in science and engineering with a particular focus on race, ethnicity and gender, she became the first Black and female president to run the college, according to the college's website.
Read more: Boston-area college president resigns amid financial turmoil
Beyond working at Rensselaer Polytechnic Institute, Lee has also worked at The Seelig Group, an investment firm focused on media and technology, and was the founding dean of the School of Entrepreneurship and Management at Shanghai Tech University.
During her dean position, she created the first interdisciplinary curriculum for science and engineering students, bringing in social sciences, entrepreneurship and critical thinking.
She was also the vice chancellor at New York University, spearheading the development of NYU Shanghai.
Lee is 'precisely the kind of strategic, community-minded leader Olin needs right now,' according to Jeannie Diefenderfer, chair of the Olin Board of Trustees.
She is also described as an 'accessible and transparent leader who values shared governance and co-creation,' according to Emily Tow, professor of mechanical engineering and a member of the search committee.
'She is both a down-to-earth person whom I look forward to chatting with in the dining hall and a bold thinker who will enable our small school to achieve global impact,' Tow said.
The college, founded in 1997, was funded in part by a $460 million gift from the Olin Foundation to reform engineering education, according to the college's website.
It was once known for offering free tuition but that program ended in the 2010 academic year, dropping to 50%, according to The Chronicle of Higher Education.
Since then, the college has been facing financial difficulties.
In July 2024, the college announced it would decrease its merit scholarship from 50% of Olin's annual tuition to $10,000 per year beginning in fall 2026, according to a letter sent to the community.
This was to 'safeguard Olin's long-term financial sustainability,' according to the July letter.
The college's net operating losses amount to around $4 million annually, the college told MassLive in January.
Read more: College presidents are leaving jobs sooner. 8 Mass. presidents say why
An accreditor of the college, ABET, also signaled issues with the college's academic programs. The college described this as a resolvable matter in January.
Olin's difficulties aren't necessarily unique, as smaller colleges in Massachusetts are struggling financially, as many face challenges with enrollment.
More than two dozen colleges and universities in the Commonwealth closed or merged over the past decade, according to the state Department of Higher Education.
Bard College at Simon's Rock in Great Barrington announced in November it would close due to declining enrollment and a competitive free public early college market. Eastern Nazarene College, a private liberal arts college in Quincy, announced in June 2024 it would close due to financial issues.
There had been a series of presidential resignations in colleges and universities in 2024. Many of those were due in part to controversies about how to respond to the war in Gaza.
Among them were Brandeis University's Ronald Liebowitz, Harvard University's President Claudine Gay, Liz Magill from the University of Pennsylvania and Minouche Shafik from Columbia University.
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Read the original article on MassLive.
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