Thursday, February 16, 2012

Susan Hockfield stepping down as MIT president

By Galen Moore, Boston Business Journal

Susan Hockfield announced Thursday she will step down, after a little over seven years as president of MIT.

MIT published the announcement of Hockfield’s move Thursday morning. She will stay on as president until the next president takes office, according to a news release from the university.

Hockfield has served as president since December 2004 and will continue to serve until the next president takes office, according to the MIT announcement.

From the announcement:
 

Hockfield’s tenure has been marked by her energetic response to two seemingly competing imperatives: to keep MIT at the forefront of research universities by continuing its history of bold action, to the benefit of its students and in service to the nation and the world; and to preserve MIT’s financial resources in the midst of the most pronounced economic downturn in United States history since the Great Depression. Despite the difficult global economic context, Hockfield’s presidency has featured the most successful period of fundraising in MIT history, during which MIT has raised nearly $3 billion.

In a letter to the MIT community, Hockfield explained that she had thought carefully about the timing of her departure. She said that the momentum that has built by the Institute’s progress over the last seven years makes the current moment in MIT’s history an excellent opportunity for a smooth transition. “The momentum of all that we have accomplished has tempted me to stay on to see our many efforts bear their full fruit. But to support our ambitious goals for the future, MIT has begun the crucial work of planning for a significant new fundraising campaign. A campaign on this scale will require the full focus and sustained attention of the Institute’s president over many years. I have concluded that it would be best for the Institute to begin this next chapter with new leadership.”

In her letter, Hockfield reflected on her tenure as president and her deep affection for MIT. “For now,” she wrote, “let me simply thank the faculty, students, staff, alumni and friends of MIT who have given of themselves to advance the mission of MIT. While I expect new intellectual adventures ahead, nothing will compare to the exhilaration of the world-changing accomplishments that we produced together.”

MIT’s next president will be selected according to a process set forth in the bylaws of the MIT Corporation, which state that the Corporation’s Executive Committee shall recommend to the Corporation the names of candidates for president. Once candidates have been put forth, the members of the Corporation will elect the president by majority vote. In order to ensure a rich pool of candidates, a search committee will be appointed that will include input from faculty, students and the Corporation; that committee will make recommendations to the Executive Committee.