Wharton Board Asks Penn President Liz Magill to Step Down After Major Donor Pulls $100 Million Donation

The board of Penn’s Wharton business school is calling for the resignation of University of Pennsylvania President Liz Magill. 

According to the letter, which was obtained by media outlet Axios, the board expressed deep concerns about the campus’s “dangerous and toxic culture” led by a select group of students and faculty, which they claim has been permitted by university leadership.

The board of advisors held eight meetings since their regularly scheduled November 16 meeting, mainly focusing on issues related to antisemitism and “hate-based behavior” on campus. They argued that the university leadership’s stated beliefs and collective failure to act necessitate new leadership with immediate effect.

This move follows the widely criticized testimony of Magill and other Ivy League leaders during a congressional hearing. Ross Stevens, a Penn alumnus and CEO of Stone Ridge Holdings, reportedly threatened to pull a $100 million donation, citing Magill’s testimony in Congress as the main reason.

The controversy deepened as it was revealed that neither Magill nor Board of Trustees Chair Scott Bok attended the November 16 meeting, where the discussion shifted from artificial intelligence to the university’s response to the Israel-Hamas war. The meeting concluded with unanimous resolutions, primarily focusing on changes to Penn’s code of conduct, explicitly prohibiting the celebration or advocating for violence against any individual or group within the community.

Despite a meeting with Wharton’s board approximately one week ago, Magill declined to implement the requested changes, leading to the board’s decision to call for her resignation in the aftermath of her congressional testimony. The news of the letter first surfaced through Penn’s student newspaper.

Information for this story was found via Axios, the Daily Pennsylvanian, Yashar Ali on X, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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