Columbia Business School Dean Glenn Hubbard will step down on June 30th of 2019
When Columbia Business School finally opens its new Manhattanville campus four years from now in 2022, the man most responsible for making it happen will no longer be dean. The school announced today (Sept. 13) that Dean Glenn Hubbard is stepping down from his job at the end of this academic year on June 30th of 2019 after a 15-year run.
During that span, Hubbard proved himself to be one of the most prolific fundraisers in the history of business school deanships. By the time he steps away, the school estimates that he will have raised more than $1 billion, including over $500 million for the school’s new home. Hubbard used the additional funds to bring on 38 new professorships. Financial aid to students, moreover, increased 600% from 2004 to 2018. Only one other B-school dean in his generation has raised more money: Nitin Nohria of Harvard Business School who last year surpassed a $1 billion capital campaign goal a year early and then announced plans to raise another $300 million by the end of this year.
Columbia, one of world’s most prestigious business schools, now joins an unprecedented list of highly selective schools–including Northwestern Kellogg, Yale SOM, Cornell, UCLA and Notre Dame Mendoza–in the search for a new leader. It is an unusual level of turnover at the top, a function of coincidence and the increasingly larger churn rate in higher education. The university said tht a “global search for Hubbard’s replacement will begin immediately.”
‘I WILL NOT SEEK ANOTHER TERM AS DEAN’
An economist who had been chairman of the U.S. Council of Economic Advisers under President George W. Bush, Hubbard joined Columbia in 1988 and was named dean by Preisdent Lee Bollinger in July of 2004. When he leaves the deanship, Hubbard intends to resume his faculty positions at both the business school and the university’s department of economics.
Glenn’s 15 years as dean will be remembered as an historic period during which Columbia Business School was strengthened on every meaningful front and solidifed its standing as one of the most celebrated and innovative schools of business in all of higher education,” said President Bollinger in a statement. “Dean Hubbard succeeded repeatedly in seixing opportunities for transforming and modernizing Columbia Business School through times tht were often turbulent and challenging.”
In an email to students this afternoon, Hubbard said “I am writing to let you know that I will not seek another term as dean of Columbia Business School. With President Bollinger’s concurrence, I will serve out my current term, stepping down June 30, 2019. That period should be sufficient to find the next dean, and I am prepared to assist in any transition President Bollinger or the faculty request. The school’s success and opportunity going forward will attract excellent candidates for the dean’s position. I am honored to have the opportunity to serve as dean.”
‘I AM PROUDEST OF OUR SUCCESS IN BUILDING OUR PEOPLE’
The school noted that Hubbard led initiatives to revampe Columbia’s core MBA curriculum, strengthened recruitment of both top acdemics and students; launched several initiatives to bridge acdemic theory with the prctice of business and “reignitied engagement” of the school’s 46,000 alumni. Under his leadership, the school also launched our new master’s degrees and went through three new extensions of the school’s executive MBA program.
“Looking back,” he wrote in his email to students, “we should all take a moment to celebrate the School’s success. With $1 billion in fundraising and leaps in alumni giving and participation, our financial muscle is being built. The School has succeeded with funding for the new Manhattanville campus; an expanded faculty with 38 new professorships; expansion of research institutes, centers, and programs; and greater financial aid for a very talented, diverse student body. These accomplishments are noteworthy, but I am proudest of our success in building our people—the team of students, faculty, staff, and alumni that gives us our distinction.”
Though he is leaving the deanship before what will be a landmark change in the school’s history–the opening of its new campus–Hubbard said he was optimistic about the school’s future. “I am very optimistic about what lies ahead for you as a future CBS alum,” he told students. “You are well positioned to identify and capture opportunity in the midst of the change through which we are living. As an economist, I believe we face a bright future of growth and innovation. When I visited our global alumni community to celebrate the School’s Centennial in 2016, I reminded every group that Facebook, Twitter, the iPhone, the modern Google, driverless cars, and most of fintech was not there when I started as dean. Great businesses take about a decade to build—I can only imagine the success you will have in that world a decade hence. I hope to run into you at your 10th reunion—and before—to ask!”
DON’T MISS: COLUMBIA’S NEW COMPLEX WILL OPEN FOR CLASSES IN 2022
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