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Worcester Polytechnic Institute has a new dean of business in former Babson College dean Mark P. Rice, who will be succeeding McRae Banks, who has led WPI’s Department of Management for the past 15 years. In his six years at Babson, Rice served as the Murata Dean of the F.W. Olin Graduate School of Business and holds an appointment as the Frederic C. Hamilton Professor for Free Enterprise.
Taking over the reins this summer, Rice will be in charge of turning WPI’s Department of Management into a full-fledged business school. WPI already has achieved full AACSB accreditation, and its MBA program was recently recognized by BusinessWeek as the best part-time MBA program in the nation, according to school officials.
WPI plans to appoint two more inaugural academic deans this year — the Bernard Gordon Dean of Engineering and the Donald C. Peterson Family Dean of Arts and Sciences. This marks a major shift for the college, according to WPI President Dennis Berkey, who said the school has not had any academic deans in its 145 years.
Before he joined Babson, Rice was a member of the leadership team at Rensselaer Polytechnic Institute’s School of Management and Technology, serving as director of the Incubator Program and of the Severino Center for Technological Entrepreneurship. He is also co-founder and president of Power Kinetics Inc.
The move to an academic dean structure is just the latest growth move by Worcester-based WPI. In February, the Massachusetts Life Sciences Center gave WPI a $6.6 million grant to apply to the school’s development of a life sciences facility at Gateway Park in Worcester.
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