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Averett University president David Joyce has resigned after three months on the job, citing his wife’s health issues, Cardinal News reported.
Joyce was a four-time college president with almost three decades of experience leading Union College in Kentucky, Ripon College in Wisconsin and Brevard College in North Carolina before joining Averett at the beginning of the year when his predecessor, Tiffany Franks, retired.
The university named Venita Mitchell, vice president of student engagement, acting president. Now a search to find Averett’s next president is underway.
Joyce’s resignation comes as the university has navigated severe financial challenges in recent months that have prompted a series of cost-cutting measures, including furloughs and layoffs. Averett has also dropped several academic programs.
Averett officials have blamed its challenges on financial mismanagement by a former employee. In a lawsuit filed last month, the university alleged that its former chief financial officer and an investment firm colluded in an effort to obscure budget deficits. The lawsuit alleged the former CFO and investment firm “surreptitiously drained Averett’s endowment of almost $20 million.”
The private university in Virginia has struggled to maintain $14 million in bond obligations in recent months, putting its Equestrian Center up for sale in March to generate revenue.
