University of the Arts President Kerry Walk has resigned just days after the school announced its abrupt closure at the end of the week.
Walk was named the university's fifth president in 2023, and became the school's first and only female president. Officials said University of the Arts had been in a "fragile financial state" like many institutions of higher learning following "many years of declining enrollments, declining revenues, and increasing expenses," but had made progress on improving its position.
"Unfortunately, however, we could not overcome the ultimate challenge we faced: with a cash position that has steadily weakened, we could not cover significant, unanticipated expenses," they said. "The situation came to light very suddenly. Despite swift action, we were unable to bridge the necessary gaps."Since the university announced its sudden closure, students have held rallies, with some camping out on the school's steps.
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