Board also approves plans for continuing budget reductions and strategic investments; announces 2010 Commencement speaker
Stephen F. Mandel Jr. ’78
During its spring meeting, the Dartmouth Board of Trustees elected Stephen F. Mandel Jr. ’78 as the new Chairman of the Board, succeeding Charles E. Haldeman Jr. ’70, effective at the conclusion of Haldeman’s three-year term June 13, following the College’s Commencement ceremonies. The Board also elected two alumni-nominated members, Morton M. Kondracke ’60 and John B. Replogle ’88.
Mandel, a Charter Trustee who was elected to the Board in 2007, is managing director of Lone Pine Capital LLC. Haldeman, who was originally elected as a Charter Trustee in 2004, has served as Chair since 2007. Haldeman is chief executive officer of Freddie Mac.
Charles E. Haldeman Jr. ’70
Haldeman said, “It has been a great privilege to serve Dartmouth and my fellow trustees as Chairman of the Board. The past three years have been a period of transition during which we have made a number of important and necessary changes, but I am most proud of the Board’s role in bringing to the College a visionary new President in Jim Yong Kim. Steve Mandel has been a key member of the Board since his election and is a devoted alumnus who will offer strong and steady leadership working with his fellow trustees.”
Dartmouth President Jim Yong Kim said, “Ed’s contribution to the College during the past three years simply cannot be overstated. He is a leader of great judgment able to build consensus even on the most challenging issues. He has led the Board in laying the foundation on which we can build an exciting future for the College. Everyone who loves Dartmouth owes him a deep debt of gratitude. I am confident that Steve will provide equally steady and effective leadership as Chairman of the Board. He has strong commitment to the College and a passion for excellence. I look forward to working closely with him as we pursue our aspirations for Dartmouth.”
Mandel said, “I am honored that my colleagues have asked me to serve as Chairman of the Board, particularly following the outstanding leadership that Ed has provided during the past three years. I am excited about the opportunity to work with President Kim, my colleagues on the Board and the entire Dartmouth community in realizing an even greater future for this College that we all love.”
The Board also announced that when Mandel becomes Board Chairman, Trustee William W. Helman IV ’80 will succeed him as Chair of the Board’s Investment Committee.
Mandel founded Lone Pine Capital, a financial management firm, in 1997. Prior to founding LPC, he was managing director and consumer analyst at Tiger Management Corporation (1990-1997), mass-market retailing analyst at Goldman, Sachs (1984-1990) and consultant at Mars and Company (1982-1984). Mandel graduated from Phillips Exeter Academy (1974), Dartmouth College (1978) and Harvard Business School (1982). He is a trustee of Teach for America and a former trustee of Phillips Exeter Academy and The Children’s School. He is also a founder and board member of the Lone Pine Foundation, whose mission is to help children and families in the greater New York City area.
Before becoming CEO of Freddie Mac in July 2009, Haldeman served as CEO at Putnam Investments beginning in November 2003, having joined the firm as senior managing director and investment head in the prior year. Earlier he served as CEO of Delaware Investments, and as president and chief operating officer of the United Asset Management Corp., after 24 years with Cooke and Bieler, Inc. He received an AB degree in economics from Dartmouth in 1970, having earned summa cum laude and Phi Beta Kappa honors, and received MBA and JD degrees from Harvard University in 1974. Haldeman has served for many years in various Dartmouth volunteer leadership capacities, including as a member of the Dean’s Council and the President’s Leadership Council, as an Alumni Fund leadership agent, class agent and regional agent, and as a scholarship fund chair.
Board Also Elects Two New Alumni TrusteesAs noted in a separate announcement made Saturday, the Board elected Morton M. Kondracke ‘60 and John B. Replogle ‘88 as new members, following a nomination vote by Dartmouth’s alumni. They both will join the Board on June 13, following the College’s Commencement ceremonies. Full background on each of the new Trustees is provided in the announcement of their election.
A total of 20,790 voters participated, approximately 32 percent of alumni — a new Trustee nomination voting record. Kondracke, who ran unopposed for Vacancy #1, received 17,762 votes. Replogle, who ran for Vacancy #2, received 14,176 votes. Petition candidate Joseph Asch ’79, who opposed Replogle for Vacancy #2, received 5,823 votes. Voting took place both online and via paper ballot March 10-April 7, 2010.
The Board of Trustees has ultimate responsibility for the financial, administrative, and academic affairs of the College, including long-range strategic planning, approving operating and capital budgets, managing the endowment, overseeing the educational program, leading fundraising efforts, setting tuition and fees, and approving major policy changes.
Ed Haldeman, chair of the Board of Trustees, said, “The role of Trustee at Dartmouth is both a great honor and a significant responsibility. I am confident that Mort and John will both approach their new roles with tremendous energy and commitment and on behalf of my fellow trustees I welcome them to the Board.”
President Kim said, “I am eager to work with the newest members of the Board as we continue to pursue the highest standards of excellence during a time of worldwide economic uncertainty. While the Board has had to make a number of difficult decisions over the past few months, they are helping to chart a future for the College that enriches and renews the Dartmouth experience and I trust that Mort and John will be equally diligent in that continuing work.”
Strategic Budget Reduction and Investments (SBRI) UpdateThe Board supported plans presented by President Kim and other senior administrative leaders to continue the College’s current Strategic Budget Reduction and Investments (SBRI) initiative. This effort addresses a projected imbalance between the College’s revenues and expenses.
As Acting Provost Carol Folt and Senior Vice President Steve Kadish announced in an April 1 letter, the administration has identified measures to achieve approximately 80 percent of the $100 million in budget savings needed by the end of FY 2012. These measures will strengthen the College’s financial foundation. During FY 2011, the College will reduce its distribution from endowment holdings to the operating budget to 5.4 percent of beginning market value.
In February 2010, the College announced 38 staff layoffs, with an expectation of a comparable number later in the year. In an April 1 letter to the campus community, Folt and Kadish noted that the College plans approximately six administrative layoffs during April, as well as about 30 more administrative layoffs over the remainder of the current calendar year.
Subsequently, the College Benefits Council (CBC) has recommended changes to the benefits packages the College provides to all employees, to reduce costs while providing benefits that keep the institution competitive in recruitment and retention of faculty and staff. The Human Resources Office has opened a comment period, which will run through April 23.
Capital Plan ReviewDuring a review of capital planning, administrators reported savings of nearly $10 million on the total project cost of the new Visual Arts Center (VAC) which will be built next to the Hopkins Center for the Arts and the Hood Museum of Art. The savings were realized through a strengthened and refined contractor bidding process.
Administrative officers and the Board also discussed plans to explore contracting with an external management firm to oversee the daily operations of the Hanover Inn, while retaining ownership of the property. The Board expressed support for continuing that effort.
Stephen Lewis to Give Dartmouth’s 2010 Commencement Address
Stephen Lewis (photo by Gordon Griffiths)
The Board also approved the award of an honorary degree to Stephen Henry Lewis, former Canadian Ambassador to the United Nations and former UN Special Envoy for HIV/AIDS in Africa. Lewis will deliver the main address at the College’s 2010 Commencement exercises on Sunday morning, June 13, on the Dartmouth Green.
Lewis is currently the co-director of AIDS-Free World, an international advocacy organization he co-founded in 2007 on the heels of his tenure as UN Special Envoy for AIDS in Africa. The organization works to promote more urgent and more effective global responses to HIV/AIDS. In addition to his work with AIDS-Free World, Lewis is a Professor in Global Health at McMaster University in Hamilton, Canada. He also serves as a member of the Board of Directors of the Clinton Health Access Initiative and of the International AIDS Vaccine Initiative. He chairs the board of the Stephen Lewis Foundation, a Canadian charity that supports community-based organizations in Africa.
”I’m thrilled to be receiving this honorary degree," said Lewis. “It’s my first honorary degree from an American higher education institution and Dartmouth has such a sterling reputation in the world of academe.”
Lewis spent time in Africa in the early 1960s during a break from undergraduate studies, a trip that influenced his future career. He was elected to the Legislative Assembly of Ontario in 1963, at the age of 25. In 1970, he was elected the leader of the Ontario New Democratic Party, a role he had until stepping down in 1978. Lewis was a noted radio and television commentator on public issues and became a prominent labor relations arbitrator before his appointment as Canadian Ambassador to the UN in 1984.
As Ambassador, Lewis chaired the committee that drafted the Five-Year UN Programme on African Economic Recovery, and he chaired the first International Conference on Climate Change in 1988.
He served as Deputy Executive Director of UNICEF, the United Nations Children’s Fund from 1995-1999. In 1997, in addition to his work at UNICEF, Lewis was appointed by the Organization of African Unity to a Panel of Eminent Personalities to Investigate the Genocide in Rwanda. He served as UN Secretary-General Kofi Annan’s Special Envoy for HIV/AIDS in Africa from 2001-2006.
Lewis is the author of Race Against Time (San Val, November 2005), a book that outlines how the international community is falling desperately short of meeting the Millennium Development Goals. Lewis has received numerous honorary degrees and awards, most notably the Order of Canada, Canada’s highest civilian honor recognizing lifetime achievement.
The other honorary degree recipients for this year’s ceremonies will be announced soon, along with honorands and speakers at other campus activities which take place each year during the Friday and Saturday preceding the Sunday awarding of degrees.
Other Board Business and ActivitiesIn other business, the Board received committee reports; approved the College’s 2010 Affirmative Action Plan, and acted on faculty appointments to endowed chairs in the Arts and Sciences, Dartmouth Medical School, and Tuck School of Business.
Trustees also spent time with student leaders who are members of Paleopitus, as well as faculty, and many attended the Montgomery Fellow Lecture presented by dancer and choreographer Bill T. Jones. The meeting adjourned midday Sunday.